0841 FF Pension Fund ORDINANCE NO. 841
• AN ORDINANCE OF THE CITY OF OKEECHOBEE AMENDING THE CITY
OF OKEECHOBEE MUNICIPAL FIREFIGHTERS'PENSION TRUST FUND,
ADOPTED PURSUANT TO ORDINANCE NO. 750; 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 Firefighters' Pension Trust
Fund, adopted pursuant to Ordinance No. 750, as subsequently amended, is
hereby further amended by amending Section 1, Definitions,to amend the definition
of "Accumulated Contributions" to read as follows:
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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 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 . '. - - • • - - i . : - - ; - - - - • - - - _ - . --.•
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same are hereby repealed.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.
Ae 40121r
James E. Kirk, Mayor
ATTEST:
Lane Gamiotea, ity Clerk
ADOPTED after second reading on this 4th day of Nove = - 2003. y
. James E. Kirk, Mayor
''ATTEST:
k r :ate
Lane Gamiotea, Ci Clerk
REVIEWED FOR LEGAL SUFFICIENCY:
(-;_ffit ,
■.\ kr)
John R. Cook, ity Attorney
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