HomeMy WebLinkAboutORD 6001 AMEND 1977 RETIREMENT PLAN
Augusta Richmond GA
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ORDINANCE NO. 611 (') /
AN ORDINANCE TO 'AMEND THE RETIREMENT PLAN FOR
EMPLOYEES OF RICHMOND COUNTY, GEORGIA
EFFECTIVE JANUARY 1, 1977, SO AS TO REVISE
THE PROVISIONS REGARDING INVESTMENT OF THE
FUND; TO REPEAL CONFLICTING ORDINANCES; TO
PROVIDE AN EFFECTIVE DATE; AND FOR OTHER
PURPOSES.
BE IT ORDAINED BY THE AUGUSTA-RICHMOND COUNTY
COMMISSION AND IT IS HEREBY ORDAINED BY AUTHORITY OF SAME AS
FOLLOWS:
Richmond County, Georgia effective January 1, 1977 is hereby
Section 1. The Retirement Plan for Employees of
amended by deleting the first paragraph of Section 8.05 of the
Plan, to wit:
bOO I
The Trustee is authorized to deposit funds held by
it with any bank located in Richmond County,
Georgia, as depository. The Trustee shall have
authority to invest and reinvest assets of the
Fund 'held for the purpose of paying benefits, but
which is not needed for the immediate payment
thereof, as determined by the Trustee, in
securities of the United States of America,
including securities of agencies of said
!government; of the State of Georgia; of Richmond
!County; or any other county or municipality of the
State of Georgia; or insured savings in savings
:and loan associations and State and National
,Banks; corporate bonds and debentures or other
evidence of indebtedness assumed or guaranteed by
any solvent institution existing under the laws of
the United States of America or any state thereof,
which are not in default as to principal or
interest and which are secured by collateral worth
at least 50% more than the par value of the entire
issue of such obligations, but only if not more
than one-third of the total value of such required
collateral consists of common stock. The Board .
may also invest in corporate stocks which are non-
assessable dividend paying stocks, common or
preferred, of any solvent corporation created or
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existing under the laws of the United States or
any state thereof; provided cash dividends of such
common stocks shall have been paid out of current
earnings in at least two of the last three years
preceding the purchase, and provided further, that
the Fund shall not own more than (a) 10% of the
issued and outstanding shares of anyone
corporation or (b) an aggregate of more than 25%
of the issued and outstanding shares of corporate
stock of any number of corporations.
and substituting therefor the following:
The comptroller shall be the custodian of
such fund and shall deposit the same in a
bank or banks, and, pursuant to the direction
of the pension fund investment committee,
which committee shall consist of the members
of the Augusta-Richmond County Commission,
shall invest and reinvest, from time to time,
any portion thereof not immediately needed
for the payment of pensions, in securities
approved by law for the investment of trust
funds; and, in such securities other than
those specifically approved by law for the
investment of trust funds, as the pension
fund investment committee shall deem proper,
from time to time; provided, however, that
the amount of the pension fund which may be
invested in such securities other than those
specifically approved by law for the
investment of trust funds may not exceed
fifty percent (50%) of the total amount of
the fund then outstanding; and in addition
thereto, the investment committee may invest
such funds in bonds and debentures assumed or
guaranteed by any solvent corporation or
institution existing under the laws of the
United States of America, or any state
thereof, provided such bonds or debentures
are rated at the time of their purchase, by a
nationally recognized securities rating
service, as AAA (Aaa) , AA (Aa) or A (a) or in
lieu thereof, provided such bonds or
debentures are the type in which domestic
life insurance companies are permitted to
invest under the provisions of Section 33-11-
20 of the Official Code of Georgia Annotated
(Ga. Code Ann. ~ 56-1016), as amended. The
amount of the pension fund which may be
invested in the bonds and debentures of any
once corporation may not exceed ten percent
(10%) of the total amount of such fund then
outstanding.
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Section 2. All laws or ordinances or parts of laws or
ordinances in conflict with this ordinance are hereby repealed.
Section 3.
adoption.
This Ordinance shall be effective upon
ADOPTED the
6th day of January
30th
day of December
, 1998.
, 1997 and the
AUGUSTA-RICHMOND COUNTY
COMMISSION
T1Iit document aw- as
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As i
I, the undersigned, LENA BONNER, CLERK, do hereby certify
that the foregoing is a true and correct copy of an ordinance
adopted by the said Augusta-Richmond County Commission at two
consecutive meetings, held, on the following dates, to-wit:
December 10 ,1997, and January 6 ,1998, as the same appear
on the minutes of said Commission,
This
6th
day of January