The investment powers and authority of the Board of Trustees of the Municipal Firefighters Pension Trust Fund shall be in accordance with F.S. § 175.071, provided, however:
(a) The aggregate investment of fund assets in:
(1) Obligations of the United States or obligations guaranteed as to principal and interest by the government of the United States; and
(2) County bonds containing a pledge of the full faith and credit of the county involved, bonds of the division of bond finance of the department of general services, or of any other state agency, which have approved as to legal and fiscal sufficiency by the state board of administration; and
(3) Obligations of any municipal authority issued pursuant to the laws of this state; provided, however, that for each of the five (5) years next preceding the date of investment the income of such authority available for fixed charges shall have been not less than 1.5 times its average annual fixed-charges requirement over the life of its obligations; and
(4) Bonds or other certificates of indebtedness issued or guaranteed by a corporation organized under the laws of the United States, any state or organized territory of the United States or the District of Columbia;
shall not at cost exceed seventy (70%) percent of the fund’s assets; nor shall more than ten (10%) percent of the fund’s assets be invested in the bonds or other certificates of indebtedness of any one issuing company; nor shall the aggregate of such investment in any one issuing company exceed three (3) percent of the outstanding bonds or other certificates of indebtedness of that company. Fund assets may be invested in investment grade bonds with not greater than ten percent (10%) of the fixed income portfolio to hold an investment rating of Baa.
(b) The aggregate investment of fund assets in the common stock or capital stock issued by a corporation organized under the laws of the United States, any state, or organized territory of the United States or District of Columbia shall not at cost exceed seventy (70%) percent of the fund’s assets; nor shall more than five (5) percent of the fund’s assets be invested in common stock or capital stock of any one issuing company; nor shall the aggregate of such investment in any one issuing company exceed three (3) percent of the outstanding bonds or other certificates of indebtedness of that company.
(c) The Board of Trustees may retain in cash and keep unproductive of income such amount of the fund as it may deem advisable, having regard for the cash requirements of the fund.
(d) The Board of Trustees may cause any investment in securities held by it to be registered in or transferred into its name as trustee or into the name of such nominee as it may direct or it may retain them unregistered and in form permitting transferability, but the books and records shall at all times show that all investments are part of the fund.
(Code 1958, § 21-92; Ord. No. 82-36, § 1, 10-6-82; Ord. No. 83-39, § 1, 12-20-83; Ord. No. 89-26, § 1, 9-19-89; Ord. No. 95-41, § 1, 11-21-95; Ord. No. 02-005, § 1, 2-5-02; Ord. No. 06-037, § 2, 5-2-06)
