Title
Support by the City of Gainesville of House Bill 3 (HB3) and Senate Bill 198 (SB198) (B)
This is a request for letters of support for House Bill 3 (HB3) and the Senate Bill 198 (SB198) from the City of Gainesville, particularly as they relate to allowing the investment of up to twenty-percent (20%) of Police and Fire Pension Fund assets in foreign securities and extending the terms of office to four (4) years for all members of the Consolidated Board of Trustees.
Explanation
These Bills will allow the Consolidated Board of Trustees to increase the percentage of assets the Police and Fire Pension Fund may invest in foreign securities from a maximum of ten-percent (10%) to a maximum of twenty-percent (20%). These Bills will also extend the terms of office for all members of the Consolidated Board of Trustees from two (2) years to four (4) years. At the February 23, 2007 meeting of the Consolidated Board of Trustees, the Consolidated Board requested that City Staff draft letters to our State Representatives from the Consolidated Board of Trustees Chairman as well as from the Mayor of the City of Gainesville in support of House Bill 3 (HB3) and Senate Bill 198 (SB198).
Fiscal Note
No fiscal impact.
Recommendation
The City Commission approve the signing of letters of support for House Bill 3 (HB3) and Senate Bill 198 (SB198) to Senator Steve Oelrich, Representative Charles S. "Chuck" Chestnut, IV, Representative Debbie Boyd, and Representative Larry Cretul by the Mayor of the City of Gainesville.