City of Gainesville - File #: 040466

• File #: 040466
• Version: 1
• Name: Investment of Assets of Retiree Health Insurance Trust Fund and Employees Disability Plan Trust Fund (B)
• Type: Ordinance
• Status: Adopted
• File created: 10/25/2004
• In control: City Attorney
• Final action: 11/8/2004
• Title: INVESTMENT OF ASSETS OF RETIREE HEALTH INSURANCE TRUST FUND AND EMPLOYEES DISABILITY PLAN TRUST FUND (B) Ordinance No. 0-04-95 An ordinance of the City of Gainesville, Florida, amending section 2-438, relating to the investment of assets of the Retiree Health Insurance Trust Fund and the Employees Disability Plan Trust Fund of the city; providing directions to the codifier; providing a severability clause; providing a repealing clause; and providing an immediate effective date.

Date	Ver.	Action By	Action	Result
11/8/2004	1	City Commission	Adopted on Final Reading (Ordinance)	Pass
10/25/2004	1	City Commission	Adopted on First Reading (Ordinance)	Pass
9/27/2004	0	City Commission	Approved as Recommended	Pass

title

INVESTMENT OF ASSETS OF RETIREE HEALTH INSURANCE TRUST FUND AND EMPLOYEES DISABILITY PLAN TRUST FUND (B)

Ordinance No. 0-04-95

An ordinance of the City of Gainesville, Florida, amending section 2-438, relating to the investment of assets of the Retiree Health Insurance Trust Fund and the Employees Disability Plan Trust Fund of the city; providing directions to the codifier; providing a severability clause; providing a repealing clause; and providing an immediate effective date.

recommendation

The City Commission adopt the proposed ordinance.

explanation

At its meeting of September 27, 2004, the City Commission authorized the City Attorney to draft and the Clerk of the Commission to advertise an ordinance to provide for investment of the assets of the Retiree Health Insurance Trust Fund and the Disability Pension Trust Fund in a manner consistent with the General Pension Plan Trust fund.  This will allow greater flexibility in managing the assets and allow a higher return on the investments.

This ordinance requires two public hearings.  Should the Commission adopt the ordinance on first reading; the second and final reading will be held on Monday, November 8, 2004.