Fort Walton Beach Council agenda — 02-22-11 regular — reading text

CD E D. Current amounts clearly reflecting all monies, funds and assets whatsoever s attributable to contributions and deposits from the City, and Q E. All interest, dividends and gains ( or losses) whatsoever, and F. Such other entries as may be properly required so as to reflect a clear and complete financial report of the Fund. 5. An independent audit shall be performed annually by a certified public accountant for the most recent fiscal year of the City showing a detailed listing of assets and a statement of all income and disbursements during the year. Such income and disbursements must be reconciled with the assets at the beginning and end of the year. Such report shall reflect a complete evaluation of assets on both a cost and market basis, as well as other items normally included in a certified audit. Page 7 of53 Pages 16. The Board of Trustees shall have the following investment powers and authority: A. The Board of Trustees shall be vested with full legal title to said Fund, subject, however, and in any event, to the authority and power of the Fort Walton Beach City Council to amend or terminate this Trust, provided that no amendment or Plan termination shall ever result in the use of any assets of this Plan except for the payment of regular expenses and benefits under this Plan. All contributions from time to time paid into the Plan, and the income thereof, without distinction between principal and income, shall be held and administered by the Board or its Agent in the Plan and the Board c shall not be required to segregate or invest separately any portion of the a Fund. 0 B. All monies paid into or held in the Pension Plan shall be invested and N reinvested by the Board and the investment of all or any part of such funds as a shall be limited to: U- UL 1) Annuity and life insurance contracts of life insurance companies in m amounts sufficient to provide, in whole or in part, the benefits to E which all of the participants in the Plan shall be entitled under the M 0 provisions of this Plan and pay the initial and subsequent premium ti thereon. M 00 r 2) Time or savings accounts of a national bank, a state bank or a a savings/ building and loan association insured by the Federal Deposit Insurance Corporation in an amount not exceeding that insured. L O 3) Obligations of the United States or obligations guaranteed as to principal and interest by the government of the United States. If— 4) Bonds, stocks, cormningled ffinds-adirdilistered by National or State CO) 00 r MOIR i i i i i i i 0 i o a-. 9: C d E 11111" M ra IN so VI - - - -- ••• ••••• tot • 1•••••• Q Stocks, commingled funds, mutual fiinds and bonds or other evidences of indebtedness, provided that: a) Except as provided in subparagraph (b), all individually held securities and all securities in a commingled or mutual fund must be issued or guaranteed by a corporation organized under the laws of the United States, any state or organized Page 8 of33 Pages  territory of the United States, or the District of Columbia. Up to twenty -five percent (25 %) of the assets of the Fund at market value may be invested in foreign securities. c) The Board shall not invest more than five percent ON of its assets in the common stock, capital stock, or convertible securities of any one issuing company, nor shall the aggregate investment in any one issuing company exceed five percent 5 %) of the outstanding capital stock of that company; no shall the aggregate of its investments in common stock, capi- tal stock and convertible securities at market exceed seventy percent (70 %) of the assets of the Fund. C 5) Real Estate. to FL C 0 as a 70 Bonds issued by the State of Israel. U. U. a a zzy aa u. lira Nau a isil•: lt<r aaa n ar: POW D. The Board of Trustees shall not invest more than twenty percent (20 %) of its assets at cost in real estate. E. The Board of Trustees may retain in cash and keep unproductive of income such amount of the Plan as it may deem advisable, having regard for the cash Ir- IRT requirements of the Plan. ti F. No person or entity shall be liable for the making, retention or sale of any M CO investment or reinvestment made as herein provided, nor for any loss or P diminishment of the Fund, except that due to his or its own negligence, O willful misconduct or lack of good faith. r C CD G. The Board may cause any investment in securities held by it to be registered E in or transferred into its name as Trustee or into the name of such nominee s as it may direct, or it may retain them unregistered and in form permitting transferability, but the books and records shall at all times show that all a investments are part of the Trust Fund. H. The Board is empowered, but is not required, to vote upon any stocks, bonds, or securities of any corporation, association, or trust and to give general or specific proxies or powers of attorney with or without power of substitution; to participate in mergers, reorganizations, recapitalizations, consolidations, and similar transactions with respect to such securities; to deposit such stock or other securities in any voting trust or any protective or like committee with the Trustees or with depositories designated thereby; to amortize or fail to Page 9 of53 Pages  amortize any part or all of the premium or discount resulting from the acquisition or disposition of assets; and generally to exercise any of the powers of an owner with respect to stocks, bonds, or other investments comprising the Plan which it may deem to be to the best interest of the Plan to exercise. The Board shall not be required to make any inventory or appraisal or report to any court, nor to secure any order of court for the exercise of any power contained herein. Where any action which the Board is required to take or any duty or function which it is required to perform either under the terms herein or under the general law applicable to it as Trustee under this Ordinance, can reasonably c be