Sec. 120.103. - System management and investments.

(a) The System is hereby established, pursuant to authority granted in the City Charter, as an irrevocable trust fund into which shall be deposited all of the assets of the System of every kind and description. (b) The actual custody and supervision of the System shall be vested in the Board. All assets of the Plans within the System may be commingled, provided that accurate records are maintained at all times reflecting the financial composition of the Fund, including accurate accounts regarding the following: (1) Current amounts of accumulated contributions of members, both on an individual and aggregate basis; (2) Receipts and disbursements; (3) Benefits payments; (4) All contributions from the City; (5) All interest, dividends, gains and losses from investment; (6) Such other entries as may be required for a clear, complete financial report of the status of the Fund. (c) The Board shall establish a written investment policy, with the advice and counsel of such advisors as the Board deems necessary, and said investment policy shall set forth the types of securities and other types of investments into which shall be placed the assets of the System. The policy shall further set forth appropriate limitations on those investments, including, but not limited to, anticipated rate of return, quality of investment, class of investment and acceptable risk. The Board shall have the authority to invest and reinvest the assets of the System in such securities or property, real or personal, as the Board deems appropriate, provided the investment is consistent with the investment policy adopted by the Board of Trustees in accordance with F.S. § 112.661. The Board shall give notice to the City Council Finance Committee Chairperson of any proposed change in the investment policy not less than 60 days prior to the final meeting for adoption of such change. (d) The Board may determine the percentage of each type of investment to be held. (e) The Board shall be authorized to retain one or more money managers for the management of property held in the System, and the Board shall convey property of the System to such money managers for investment and reinvestment in accordance with the terms of this Chapter and the investment policies established by the Board. Any such money manager contracting with the Board for the investment of its assets shall be deemed a fiduciary of the System. (f) The Board shall have a continuing duty to observe and evaluate the performance of any money manager retained by the Board. The Board shall, in selecting a money manager or other investment counsel, exercise all judgment and care in the circumstances then prevailing which persons of prudence, discretion and intelligence exercise in the management of their own affairs. (g) The Board shall require that any money manager or other agent who has custody or control of any property of the System to keep accurate and detailed accounts of all investments, receipts, disbursements and other transactions pertaining to such Trust property, and the Board shall further require that all accounts, books and records pertaining thereto be open to inspection and audit at all reasonable times by the City, the Board or their designees. (h) The Board shall also keep accurate and detailed accounts of all investments, receipts, disbursements or other transactions pertaining to the Trust property and all accounts, books and records pertaining thereto shall be open to inspection and audit at all reasonable times by the City or its designees. (Ord. 2005-432-E, § 2)