HomeMy WebLinkAboutordinance.council.033A-74RECORD OF PROCEEDINGS
ORDINANCENO. 33
(Series of 1974)
100 Leaves
AN ORDINANCE AMENDING THE PROVISIONS OF THE ASPEN
POLICE PENSION FUND SO AS TO ALLOW THE INVESTMENT
OF MONIES HELD BY SUCH FUND IN CERTIFICATES OF DEPOSIT.
WHEREAS, the existing provisions of the Aspen
Policemen Retirement Plan allow the investment of
contributions in only United States and colorado bonds
or those of any Colorado city, county, or school
district, and
WHEREAS, the City Council deems such listed
investments as too limiting and wishes to enlarge the
possible investments to include certificates of deposit
under its authority in ~139-49-5(4), C.R.S. 1963, as
amended, to provide, by ordinance, for the administra-
tion and application of such funds,
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL
OF THE CITY OF ASPEN, COLORADO:
Section 1.
That Section 19(A) of ordinance No. 10, Series
of 1962, as amended, is further amended to read as
follows:
"(A)
Custody of Funds. The Board shall be the
trustee of the pension fund and the City
Treasurer is made the custodian of the
pension fund. He shall be liable on his
bond as such Treasurer for the faithful
performance of all the duties imposed upon
him by the provisions of this article. The
City Treasurer shall keep a separate account,
RECORD OF PROCEEDINGS
100 Leaves
thereof, which shall at all times show
the true condition of such fund. Said
Treasurer, upon the expiration of his
term of office, shall surrender and
deliver to his successor, all bonds,
certificates of deposit, and unexpired
monies or other property which may have
come into his hands as Treasurer of said
fund."
Section 2.
That Section 19(B) of ordinance No.
1962, be amended to read as follows:
"(B)
10, Series of
Securities; Certificates of Deposit. The
Board shall have power to draw on the
pension fund or any part thereof, from
the Treasurer of said fund, and may invest
the same or any part thereof, in the name
of the Board, in interest-bearing certifi-
cates of deposit, or interest-bearing bonds
of the United States, State of colorado, or
any incorporated city, county or school
district of the State of colorado. All
such certificates of deposit and securities
shall be deposited with the Treasurer of
said city, as ex officio treasurer of said
Board, and shall be subject to the order of
said Board."
Section 3.
If any provision of this ordinance or the appli-
cation thereof to any person or circumstance is held
invalid, such invalidity shall not affect other pro-
visions or applications of the ordinance which can
be given effect without the invalid provisions or
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RECORD OF PROCEEDINGS
100 Leaves
applications, and to this end the provisions or
applications of this ordinance are declared to be
severable.
Section 4.
A public hearing on this ordinance shall be
held on the ,c~ day of ~,~ , 1974,
at 5 P.M. in the City Council Chambers,
Aspen, colorado.
City Hall,
INTRODUCED, READ AND ORDERED PUBLISHED as
provided by law by the City Council of the City of
Aspen, Colorado, at its regular meeting held at
the City of Aspen, colorado, on the /~2_~ day of ~ ~ ~ , 1974.
Mayo/
FINALLY ADOPTED,
day of ~j~-/'
ATTEST:
PASSED AND APPROVED this
· 1974.
~ Stacy ~tandley III
Mayo~ _~.~/~
City Clerk
STATE nF COLORADO )
) ss
COUNTY OF PITKIN )
CERTI .ATE
I, Lorraine Graves, City Clerk of Aspen, Colorado,
do hereby certify that the above and foregoing ordinance was
introducted, read in full, and passed on first
reading at a regular meeting of the City Council of the
City of Aspen on ~uaust 12 ,19~74, and publish-
ed in the fspen Times a weekly newspaper of general circul-
ation, published in the City of Aspen, Colorado, in its
issue of August 15 ,19~___?~ and was finally adopted
and approved at a regular meeting of the City Council on
August 26
Ordinance No. .
provided by law.
33
IN WITNESS WHEREOF,
the
day of August
,19~ 74, and ordered published as
, Series 19~ 74, of said City, as
seal of said City of Aspen, Colorado, this
I have hereunto set my hand and
27th
, 19~ ?4
SEAL
6rraxne Graves, City Clerk