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HomeMy WebLinkAboutOrdinance 16969-05-2006ORDINANCE No. ~ s9~~~o$-2046 AN ORDINANCE AMENDING CHAPTER 2, ARTICLE VI, DIVISION 1, ENTITLED "EMPLOYEES RETIREMENT FUND," OF THE CODE OF THE CITY OF FORT WORTH (196), AS AMENDED, AMENDING SECTION 2-214 TO INCREASE THE NUMBER OF BOARD OF DIRECTORS OF THE EMPLOYEES' RETIREMENT FUND OF TIIE CITY OF FORT WORTH TO 13 DIRECTORS; PROVIDING THAT THIS ORDINANCE IS CUMULATIVE; PROVIDING A SEVERABILITY CLAUSE; PROVIDING THAT ALL CONDITIONS PRECEDENT FOR THE ADOPTION OF Tl`IIS ORDINANCE CLAUSE AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of Fort Worth City Council ("City Council") adopted Ordinance No. 13543, as amended. by Ordinance Nos. 13672, 1.3673, 13674 and 13842, 14641, 15334, 1552$ anal 1S$62 and as codified as Chapter 2, Article Vl, Division 1 of the Code of the City of Fort Worth, collectively called the "Employees Retirement Fund Ordinance"; and WHEREAS, under the Emplnyees Retirement Fund Ordinance, the Board of Directors ("Board") co~xsists of 11 Places; and WI~IEREAS, tlae City Council desires to have additional financial management and investment expertise on the Board to better serve the employees of the City of Fort Werth and the citizens of the City of Fort Worth; and WHEREAS, in order to accomplish City Council's intention, the City Council desires to amend the Employees Retirement Fund Ordinance to add two additional places to the Beard. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: -1- SECTIOl~t 1. Chapter 2, Article VI, Division 1, Section 2-214, ("Adrinistration"} of the Retirement Ordinance is amended by deleting Section (a) "Board of Directors" and substituting the follovcring language in lieu thereof: (a) Boca,rd of ,Directors. The fund shall be administered by a board to be known as tine " l3aard of Directors of the Employees Retirement Fund of the City of Fort Worth." The board shall consist of thirteen (13) voting directors designated as Place 1, Place 2, Place 3, Place 4, Place 5, Place 6, Place 7, Place ~, Place 9, Place 10, Place 11, Place 12, and Place 13, respectively. A voting director's term shall be for two (2) years, subject to section 2-214(a)(1) a and b. Directors shall be selected as follows: SECT~oN 2. Chapter 2, Article VI, Division 1, Section 2-214, ("Administration") of the Retirement Ordinance is amended by adding the following language to Section (a)(3} "Board members appointed by the City Council.": Place 12. The director for Place 12 shall be a member of the City Council or a resident of the City of Fart Worth with experience in pension, investments, or human Resources matters. The individual should be appointed by the City Council, by a r~aajority vote, to serve a term initially from May 30, 2006, and ending on September 30, 2007. Thereafter, the individual appointed by City Council shall serve a term of two years (unless removed sooner by a majority vote of the City Council) commencing on ®ctaber 1 of every odd numbered year. No individual shall be allowed to serve as a director for Place 12 if, as of the commencement date of the term, that individual would have served on the 13oard far six {6) or more consecutive years, whether in Place 12 or in a different Place, provided that the time period from May 30, 2006 to September 30, 2007 will not count toward the calculation of six (6) years for an appointee to Place 12. Should a vacancy occur for whatever reason during the term thereof, then the City Council, by a majority vote, shall appoint a qualified person to serve the remainder of the unexpired term. Place 13. The director for Place 13 shall be a member of the City Council or a resident of the City of Fort Worth with experience in pension, investments, or Human Resources matters. The individual should be appointed by the City Council, by a majority vote, to serve a term initially from May 30, 2006, and ending an September 30, 2007. Thereafter, the individual appointed by City Council shall serve a term of two years (unless renaaved saaner by a majority vote of the City -2- Council) commencing on October I of every odd numbered year. No individual shall be allowed to serve as a director for Place 13 if, as of the commencement date of the form, that individual would have served on the Board for six {6} or more consecutive years, whether in Place 13 or in a different Place, provided that the time period from May 30, 2006, to September 30, 200'7 will not count toward the calculation of six {6) years for an appointee to Place 13. Should a vacancy occur for whatever reason: during the term thereof, then the City Council, by a majority vote, shall appoint a qualified person to serve the remainder of the unexpired term. SEC'I"IOle13. This ordinance shall be cumulative of all ordinances of the City of Fort Worth, which shall remain in full. foxce and effect except to the extent that provisions of this Ordinance are in direct conflict with the provisions of such other axdinances, in which case the conflicting provisions of such other ordinances are hereby repealed. SECTIOI®14. If any provisi.aaa, section, paxagraph, sentence, clause ar phrase of this ordinance be declared invalid or unconstitutia~aal, floe same shall nit affect any other portion ar provision hereof, and all other provisions shall remaiia valid and unaffected by any invalid portion if any, and the City Council now says that if it had known at the tune of the passage of this ordinance that away portion of said ordinance was invalid, it would not have adopted such invalid ordinance. SECTION 5. The City Council finds that all acts, conditions and things required by provisions of the Constitution of Texas and Claaxtex and Ordinances of the City of Fort Worth precedent to and in the adoption of this Ordinance have been done, have happened and have been performed in pxapex and lawful time. -3- SECTION 6. This ordinance shall be in full force and effect from and after its adoption. AND IT IS SO ORDAINED: ADOPTED: May 30, 200G EFFECTIVE: May 30, 2006 APPROVED AS TO FORM AND LEGALITY: By Laet' a Coleman Bxowla •„~~_1 A551stant Clty Attorney -4- C~~r ®f ~'o Vi/®rtf~, Texas Mayor and Council Communication __ ~-~ COUNCIL ACTION: Approved on 513012006 -Resolution No. 3357-05-2006 & Ordinance No. 16969-05-2006 DATE: Tuesday, May 30, 2006 LOC NAME. 12BOARDI3 SUBJECT: Adapt Ordinance to Amend Chapter 2, Article VI, Division 2-214 of the City of Fort Worth Cade to Increase the Employees' Retirement Fund of the City of Fort Worth Appointing Directors to Place 12 and Place 13 an the Retirement Fund. REFERENCE NO.: G-15220 I "Employees" Retirement Fund" Section Number ofi Board of Directors of the to 13 Directors, and Adopt Resolution Board of Directors of the Employees RECOMMEN®ATION: It is recommended that the City Council: 1. Adapt the attached Ordinance amending Chapter 2, Article VI, Division 1 "Employees Retirement Find" to increase the number of directors on the Board of Directors of the Employees' Retirement Fund of the City of Fort Worth to 13 directors by adding two additional directors to be appointed by City Council; and 2. Adapt the attached Resolution appointing a Director to Place 12 and Place 13 on the Board of Directors of the Employees Retirement Fund. ©ISCUSSION: The proposed Ordinance amendment addresses City Council's commitment to placing additional financial management and investment expertise an the Board of the Employee Retirement Fund through the establishment of two additional Director positions to the Board, Place 12 and Place 13. The ordinance requires that these places be filled by a member of the City Council or a resident of the City of Fart Worth with experience in pension, investments or Human Resource matters. In addition, the ordinance provides that Place 12 and 13 will be appointed by the City Council, by a majority vote. The term will begin on May 30, 20175 and end on September 30, 2007. Thereafter, the individuals appointed to Place 12 and Place 13 will serve a two year term, unless removed sooner by a majority vote of the City Council. The attached Resolution appoints individuals to Place 12 and Place 13. FISCAL INFORMATIONICERTIFICATION: The Finance Director certifies that ordinance will have no material effect on City funds. TO FundlAccountlCenters Submitted for City Manager's Office hy:_ Originating ®epartment Plead. Additional_Informatian Contact: FROM FundlAccauntlCenters Richard Zavala (Acting} (E222) David Yett {7623} Laetitia Brown (6639) Logname: 12BOARDI3 Page 1 of 2