HomeMy WebLinkAbout1969 Ordinance No. 040IntEOdaced u a Bill by councilman Parkin80n
BY AU'l'llORl'l'Y
ORDDIAllCB ao. 40, SBRD8 OP 1969
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..,..RBAS, the City of Bngl..ood i• a haae J:Qle city, established pur-
aaant to the proviaion• of Article .~ of the State of COlorado, and
WH•MBAS, the city of Bnglewood ha• heretofore elected to participate
in the Police Penaion Progr-eatabliabed by Chapter 139, Article 49, COlorado
Rni•ed Statute•, 1963, •• ••nded, and
W•UAS, it i• th• conaidered view and judgment of thi• City council
that the proviaion• of •aid atatute are unneoeaaarily reatrictive upon the
aecuriti .. in which the fund• atandin9 to the credit .of the Police Penaion
Pand -Y be inv .. ted, and
wa•P.BAS, it i• City council'• further conaidered judgment and opinion
that, in the mraiM of the power• granted to tbi• City by the aforeaaid
oonatitutional proviaion, the -tter of inve•t••t of •uah fund• i• purely one
of a local and llUDicipal council,
.. , 'l'llBaBPORB, BB n llBRDY OltDADmD BY 'l'BB CI'fY COU&CIL OP '1'BB CITY
01' 88CILSWCICD, COLOR..\DO, •• followaa
'lf!'I 1. 'lh• City of Bnglewood doe• hereby elect to continue to
partiaipatell • Police Penaion Pund, in aaaordance with the provision• of
Chapter 139, Article 49, colorado lleVi•ed Statute•, 1963, •• amended, •ave and
except to the extent that the proviaiona of thi• Ordinance auperaedea any pro-
viaion• of •aid atatute.
!':¥1: 2. In lieu of the proviaion• of c.a.s. 139-49-13, the Board
of 'l'rUat ... o • Polic .. en'• Penaion Pund of thi• municipality •hall be
,,. .... med by the followin9 proviaiona, to vita
•'Jhe Board of 'frU•t-• of the Polic...n'• Penaion Pund in this
municipality •hall have power to draw on auch Penaion Pund, from the
'l'reuurer of the Polic .. en'• Penaion Pund, and may inveat the same, or
any part thereof, in the n-of the Board of Truatees of the Police-
._ •• Penaion Pund, in any aeourity, bond, debenture, corporate
obligation, •tock, preferred or oc on, •ecuritie• of any open end
or cloaed end llaDIMJ...nt-type inv .. taent company or inveataent trust
and participation• in cc on truat fund•, to the extent that such
in,,..tllent• would be an authorised inveataent by fiduciaries within
thi• atate, a• •et forth in 57-3-1, c.a.s. 1963, or any subsequent
•endllent thereto, providing that the aaid Board •hall at all times
hold fixed inacae obligation• having a J:»ook value or coat of not
l••• than '°"of the total contribution• made to the said Policemen's
Penaion Pund, l••• the ..ount• paid out. All aecuritie• invested
•hall be depoaited with the 'freaaurer of the City of Bnglewood, as
ex officio 'freaaurer of the Board of 'fruatee• of the Policemen's
Penaion Pund, and aubject to the order of •aid Board."
!;ftiop 3. 'lhe City Council hereby find• and deteJ:mines that an
-rgenayata, 'by rea80n of which thi• ordinance •hall become effective
i ecU.ately upon it• final paaaage.
IntZ'Oduced, read in full and paaaed on firat reading on the 3rd day
of lloY 1 t>er, 1969.
Read by title and paaaed on final readin9 on the 17th day of &ovember,
1969.
Pabliahed in full u Ordinance llO. 40, Serie• of 1969, on the 20th
day of llov=ber, 1969. ~ 'JaYOll
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