O-535-90 ORDINANCE NUMBER 535-90
AN ORDINANCE AMENDING SECTION 18-38 REDEFINING ACCUMULATED
CONTRIBUTIONS; CHANGING DATE FOR ANNUAL CALCULATION THEREOF
FROM JANUARY 1, TO OCTOBER 1 COMMENCING AS OF OCTOBER 1, 1990;
PROVIDING EFFECTIVE DATE.
BE IT ORDAINED by Miami Shores Village, Florida;
SECTION 1 . That so much of Section 18-38 of Chapter 18 Miami
Shores Village Code of Ordinance which reads as follows:
Section 18-38 . Definitions.
Accumulated contributions means the sum of the amounts
contributed by a member of the plan and credited to his
individual account, plus interest on such amounts credited
to his individual account as of the previous January 1 in
the amount of three (3) percent per annum, compounded
annually each January 1, for each year starting as of
January 1, 1976 .
Fiscal year means the calendar year, January 1 to December
31 .
Is hereby amended to read:
Accumulated contributions means the sum of the amounts
contributed by a member of the plan and credited to his
individual account, plus interest on such amounts credited
to his individual account as of the previous October 1 in
the amount of three (3) percent per annum, compounded
annually each October 1, for each year starting as of
January 1, 1976 .
Fiscal year means October 1 to September 30.
SECTION 2 . That so much of Section 18-42 of Chapter 18 Miami
Shores Village Code of Ordinance which reads as follows:
(c) The trustee shall submit to the Board within forty-
five (45) days following the close of each calendar year
a report of receipts and disbursements of the trust for
the preceding year and of the investments owned as of the
close of the year, and any other information pertinent to
the operation of the trust, and shall submit such other
reports from time to time as may be required.
Is hereby amended to read:
(c) The trustee shall submit to the Board within forty-
five (45) days following the close of each fiscal year a
report of receipts and disbursements of the trust for the
preceding year and of the investments owned as of the close
of the year, and any other information pertinent to the
operations of the trust, and shall submit such other reports
from time to time as may be required.
SECTION 3. This ordinance shall become effective upon adoption.
PASSED and ADOPTED on f irst reading this 4th day of
December , 1990.
PASSED and ADOPTED by the Miami Shores Village Council on
Second Reading this 18th day of Decemb,�r 1990.
X
HE T-. -COURTNE�Y,/11AYOR
ATTEST: 7 -
Scott W. Davis, Deputy Village Clerk
APPROVED AS TO FORM:
William F. Fanfi, ir. , Village"�-Mtorney