0840 PO Pension Fund ORDINANCE NO. 840
• AN ORDINANCE OF THE CITY OF OKEECHOBEE AMENDING THE CITY
OF OKEECHOBEE MUNICIPAL POLICE OFFICERS' PENSION TRUST
FUND, ADOPTED PURSUANT TO ORDINANCE 749, AS
SUBSEQUENTLY AMENDED;AMENDING SECTION 1,DEFINITIONS,BY
AMENDING THE DEFINITION OF "ACCUMULATED CONTRIBUTIONS";
PROVIDING FOR CODIFICATION; PROVIDING FOR SEVERABILITY OF
PROVISIONS; REPEALING ALL ORDINANCES IN CONFLICT HEREWITH
AND PROVIDING AN EFFECTIVE DATE.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL FOR THE CITY OF
OKEECHOBEE, FLORIDA; presented at a duly advertised public meeting; and
passed by majority vote of the City Council; and properly executed by the Mayor or
designee, as Chief Presiding Officer for the City:
SECTION 1: That the City of Okeechobee Municipal Police Officers' Pension Trust
Fund, adopted pursuant to Ordinance No. 749, as subsequently amended, is
hereby further amended by amending Section 1, Definitions, by amending the
definition of"Accumulated Contributions", to read as follows:
Accumulated Contributions means a Member's own contributions with interest at the
rate of five and one-quarter percent (5-1/4%) per annum through September 30,
19931 artef four and one-quarter percent (4.25%) per annum thereafter through
October 30, 2003 and three percent (3%) per annum thereafter compounded
annually on September 30. Interest is not prorated on Member contributions during
a Plan Year. For those Members who purchase Credited Service at no cost to the
System,any payment representing the amount attributable to Member contributions
based on the applicable Member contribution rate, and any payment representing
interest and any required actuarially calculated payments for the purchase of such
Credited Service, shall be included in Accumulated Contributions without the
crediting of interest : :. : - : : - : . : - - - - _ : - : - - . -
SECTION 2: Specific authority is hereby granted to codify and incorporate this
Ordinance in the existing Code of Ordinances of the City of Okeechobee.
SECTION 3: All Ordinances or parts of Ordinances in conflict herewith be and the
same are hereby repealed.
SECTION 4: If any section, subsection, sentence, clause, phrase of this ordinance,
or the particular application thereof shall be held invalid by any court, administrative
agency, or other body with appropriate jurisdiction, the remaining section,
subsection, sentences, clauses, or phrases under application shall not be affected
thereby.
SECTION 5: That this Ordinance shall become effective upon adoption.
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INTRODUCED on first reading and set for public hearing this 21ST day of October, 2003.
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James E. Kirk, Mayor
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Lane Gamiotea, ity Clerk
ADOPTED after second reading on this 4"' day of Novembe 10
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James E. Kirk, Mayor
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Lane Gamiotea;' ity Clerk
REVIEWED FOR LEGAL SUFFICIENCY:
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John R. Cook, City Attorney
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