HomeMy WebLinkAboutOrdinance 2023 ORDINANCE NO.
AN ORDINANCE AMENDING ORDINANCE NO. 2003, PROVIDING THAT
THE RATE OF RETURN OF THREE AND ONE-HALF PER CENT (3 )
PER ANNUM ON DEPOSITS OR INVESTMENTS MADE ON BEHALF OF
TETE POLICE PENSION FUND AS SET FORTH IN SECTIONS ELEVEN
(11) AND SEVENTEEN (17) OF ORDINANCE NO. 2005 BE CHANGED
TO PROVIDE THAT SUCH RATE OF RETURN BE THE AVERAGE
EARNED INTEREST UPON SUCH DEPOSITS OR INVESTMENTS AND
FURTHER PROVIDING THAT NOTHING HEREIN SHALL REPEAL
ORDINANCE NO. 2003 OTHER THAN THE PORTIONS OF SENTENCES
CHANGED HEREIN AND TO EFFECT THE PURPOSES HEREOF.
WHEREAS, on July 13, 1938, the City Council of the City of
Fort Worth passed and adopted Ordinance No. 2003, which said ordi-
nance among other things provided a pension system for the members
of the Fort Worth Police Department to be supported and maintained
by contributions by the City of Fort Worth, by the members of said
Department, and by the investment of said contributions in interest
bearing securities; and,
WHEREAS, at the time said ordinance was passed and adopted,
the interest return provided for in said ordinance was based upon
an actuarial estimate with an interest assumption of three and one-
half per cent (3j%) per annum, and further provided that all funds
should be invested, including contributions by the members, to
provide such return; and,
WHEREAS, the City Council did, on October 12, 1938, contribute
to said pension fund the sum of $12,000.00 to satisfy the death and
disability provisions of said ordinance, and the Pension Board,
administering said fund, has determined that in order to safely
invest said funds that an interest return of three and one-half
per cent (3j%) should not be mandatory; that the provisions relat-
ing to interest should be amended to permit investments or deposits
at a lower rate of return, in order that such fund will contribute
the average earned interest upon the amounts contributed.
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF FORT WORTH:
Section I.
That Ordinance No. 2003 be amended, and that those portions
of Sections Eleven (11) and Seventeen (17) providing for a rate of
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return of three and one-half per cent (3-%) be amended to hereafte
read "average earned interest", and that where the term "an intere t
assumption of three and 'one-half per cent (31%) per annum" appears
that there be substituted in lieu thereof the term "an interest
assumption of the average earned interest".
Section II.
That this ordinance shall be cumulative of Ordinance No. 2003
and shall not be construed to repeal any of the remaining provi-
sions of said ordinance or go further than to change the wording
herein designated to accomplish the purposes herein expressed.
Section III.
That this ordinance shall take effect and be in full force an
effect from and after the date of its passage.
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