§ 54-134. Board of trustees.

(a)

Authority; membership; term of office; meetings. The board of trustees shall be solely responsible for administering the plan. The board of trustees shall consist of five trustees, two of whom, unless otherwise prohibited by law, shall be legal residents of the city, who shall be appointed by the city council, and two of whom shall be full-time police officer participants in the plan, who shall be elected by a majority of the police officers who are participants in the plan. The fifth trustee shall be chosen for a two-year term by a majority of the previous four trustees as provided for in this subsection, and such person's name shall be submitted to the city council. Upon receipt of the fifth person's name, the city council shall, as a ministerial duty, appoint such person to the board of trustees as its fifth trustee. The fifth trustee shall have the same rights as each of the other four trustees appointed or elected as provided in this subsection and shall serve a two-year term, unless the office is sooner vacated, and may succeed himself in office. Each resident trustee shall serve as trustee for a period of two years, unless sooner replaced by the city council, at whose pleasure the trustee shall serve, and may succeed himself as a trustee. Each police officer trustee shall serve as trustee for a period of two years, unless he sooner leaves the employment of the city as a police officer or otherwise vacates his office as trustee, whereupon a successor shall be chosen in the same manner as the departing trustee. Each police officer may succeed himself in office. The board of trustees shall meet at least quarterly each year. The chairman or secretary of the board of trustees may, and upon the written request of any two trustees shall, call a meeting of the trustees at any time by giving at least five days' notice in writing of the time and place thereof to the remaining trustees. Notice of such meetings shall be posted or advertised to the public. The board of trustees shall be a legal entity with, in addition to other powers and responsibilities contained in this article, the power to bring and defend lawsuits of every kind, nature and description.

(b)

Officers; minutes; compensation of members. The trustees shall, by a majority vote, elect a chairman and a secretary. The secretary of the board shall keep a complete minute book of the actions, proceedings or hearings of the board and comply with all provisions of F.S. § 185.06. The trustees shall not receive any compensation as such, but may receive expenses and per diem as provided by Florida law (Section 112.061).

(c)

Quorum; voting. Each trustee shall be entitled to one vote on the board. A quorum of the board of trustees shall consist of at least three trustees. Three affirmative votes shall be necessary for any decision by the trustees at any meeting of the board. The trustees must cast their votes in person. A trustee shall have the right to abstain from voting as the result of a conflict of interest, provided that the trustee complies with the provisions of F.S. § 112.3143.

(d)

Employment of advisers; payment of expenses. The board shall engage such professional, technical or other advisers as it deems necessary to administer the plan. The compensation of all persons engaged by the board and all other expenses of the board necessary for the operation of the plan shall be paid from the fund at such rates and in such amounts as the board shall agree.

(e)

Duties. The duties and responsibilities of the board shall include, but not necessarily be limited to, the following:

(1)

To construe the provisions of the plan and determine all questions arising thereunder.

(2)

To determine all questions relating to eligibility and membership.

(3)

To determine and certify the amount of all retirement allowances or other benefits under this article.

(4)

To establish uniform rules and procedures to be followed for administrative purposes, benefit applications and all matters required to administer the plan.

(5)

To distribute to participants, at regular intervals, information concerning the plan.

(6)

To receive and process all applications for benefits.

(7)

To authorize all payments whatsoever from the fund, and to notify the disbursing agent, in writing, of approved benefit payments and other expenditures arising through operation of the plan and fund.

(8)

To make recommendations regarding changes in the plan.

(9)

To perform such other duties as are specified in this article.

(10)

To invest and reinvest such funds as are not necessary for current expenditures or liquid reserves, as the board may from time to time determine, in a manner consistent with the investment policies or guidelines adopted by the board, provided that pension fund investments in common stocks shall not exceed 70 percent of the value of the pension fund investment portfolio, at market value. The board of trustees may sell, exchange or otherwise dispose of such investments at any time, and from time to time, as determined appropriate by the board. The board of trustees shall have the authority, in respect to any stocks, bonds or other property, real or personal, held by the board, to exercise all such rights, powers and privileges as may be lawfully exercised by any person owning similar stocks, bonds or other property in his own right. Notwithstanding the above, no more than 25 percent of fund assets may be invested in foreign securities.

(11)

The board shall identify and publicly report any direct or indirect holdings it may have in any scrutinized company, as defined in F.S. § 215.473, and proceed to sell, redeem, divest, or withdraw all publicly traded securities it may have in such company beginning January 1, 2010, and shall thereafter be prohibited from purchasing or holding such securities. The divestiture of any such security must be completed by September 30, 2010. In accordance with Laws of Florida, ch. 2009-97, no person may bring any civil, criminal, or administrative action against the board or any employee, officer, director, or advisor of such board based upon the divestiture of any security pursuant to this subsection.

(Ord. No. 1993-43, § 14, 9-28-93; Ord. No. 1994-12, §§ 2—5, 5-3-94; Ord. No. 1995-5, §§ 2, 3, 3-7-95; Ord. No. 2000-43, §§ 2, 3, 9-26-00; Ord. No. 2010-23, § 4, 9-7-2010; Ord. No. 2014-25, § 1, 11-5-2014; Ord. No. 2018-19 , § 1, 7-17-2018)