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MOTION TO PASS AND ADOPT PROPOSED ORDINANCE 2023-17 ON AN EMERGENCY BASIS ON FIRST AND SECOND READING.
PROPOSED ORDINANCE 2023-17 IS AN ORDINANCE OF THE CITY OF PEMBROKE PINES, FLORIDA, AMENDING CHAPTER 33 OF THE CODE OF ORDINANCES OF THE CITY OF PEMBROKE PINES BY AMENDING §33.64, ENTITLED “INVESTMENT OF GENERAL EMPLOYEES’ PENSION FUNDS;” ADOPTING A REVISED INVESTMENT POLICY INCORPORATED INTO SECTION 33.64 TO COMPLY WITH THE REQUIREMENTS OF 112.662, FLORIDA STATUTES, AS AMENDED BY CH. 2023-28, LAWS OF FLORIDA, TO CLARIFY THAT INVESTMENT DECISIONS SHALL BE BASED SOLELY ON PECUNIARY FACTORS AS FURTHER DETAILED IN EXHIBIT “A,” ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE; PROVIDING FOR CODIFICATION; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE.
BOTH FIRST AND SECOND READINGS HAVE BEEN ADVERTISED FOR DECEMBER 06, 2023.
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. The City’s General Employees’ Pension Fund is managed by Principal, under the direction of the Investment Committee.
2. At the last Investment Committee meeting held on November 13, 2023, the City Attorney advised that there was a new requirement under the Florida Statutes Section 218.415, as amended by CH. 2023-28; in which Investment Policies are required to be updated to incorporate these requirements.
3. The City’s General Employees’ Pension Fund Investment Policy is being amended to clarify that investment decisions are based solely on pecuniary factors. There are also minor adjustments being made to add/remove terms or language that are also outdated.
4. As defined by the Statutes, 218.415 (24)(a) the term “pecuniary factor” means a factor that the governing body of the unit of local government, or in the absence of the existence of a governing body, the respective principal officer of the unit of local government, prude...
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