2016 ORDINANCES - Laserfiche WebLink

Home Browse Search

investment authorized and made by the board, exce t insofar as any such member maybe a member or beneficiary of the ~+~system. No member of the board shall, directly or indirectly, for himself or as an agent, in any manner use the funds, monies or deposits of the isystem, except to make such current and necessary payments therefrom as are authorized by the board; nor shall any member of the board become an endorser or surety or in any manner an obligor for monies loaned by or borrowed from the svsteml. Without limitation. all board members and contractors of the board shall avoid actual or potential conflicts of interest and the appearance of actual or potential conflicts of interest. 19. Section 30-183 of the Code of the City of Portsmouth, Virginia (2006) is amended as follows: Sec. 30-183. -Fiscal officer; funds generally, combination of funds with funds of Portsmouth Supplemental Retirement System; how payments made. The chief financial officer or such other institutional custodian as may be appointed by the board shall be the custodian of all of the funds created by this article. For investment purposes only, the funds created by this article may be combined with the funds of the Portsmouth Supplemental Retirement System. All registered securities in such combined funds shall be registered in the name "City of Portsmouth, Portsmouth Supplemental Retirement System" and every change in registration by reason of sale} o~ assignment transfer or disposal of such securities, shall be accomplished by the signature of the chief financial officer and securities shall be delivered by him when directed so to do by resolution of the board. The custodian of the combined funds shall keep such records as may be necessary to accurately determine at any time the proportions of the total funds representing the funds of the Portsmouth Fire and Police Department System and the Portsmouth Supplemental Retirement System, respectively. Allocation of investment income, capital gains and losses, and expenses of administration of the combined funds between the two systems shall be made by the custodian in the ratio of the amounts of the funds in each of the respective systems to the combined total amount of funds in both systems. All payments from such funds shall be made by checks issued upon orders signed by such person as is designated for the purpose by the board. No order shall be signed unless it has previously been authorized by the board, which authorization shall be recorded on the records of the board. 20. Section 30-217 of the Code of the City of Portsmouth, Virginia (2006) is amended as follows: Sec. 30-217. -Effect of cessation of membership. When membership ceases, an employee shall thereafter lose all right to any retirement allowance or benefits under this article arising from service prior to the date of such cessation of membership. Forfeitures shall not be applied to increase the benefits of any member. Funds A-11