Article I. EMPLOYEE PENSION FUND

CHAPTER 27740—(No. 1261)

SENATE BILL NO. 1067

An Act to Provide for the Establishment of a Pension Fund for Municipal Employees of Miami Shores Village, Florida, and to Provide for the Administration, Management and Investment of Such Funds.

Be It Enacted by the Legislature of the State of Florida:

Section 1. The council of said Miami Shores Village may establish by ordinance a fund or funds for the relief or pension of persons in the employ of said village; may receive gifts, devises, bequests of money or property for the benefit of such fund or funds; may make contributions of public moneys thereto on such terms and conditions as it may see fit; and shall make rules and regulations for the management, investment and administration of such fund or funds.

Section 2. The village council shall have power by ordinance to make contracts of insurance with any insurance company authorized to transact business in this state, insuring its employees or any class or classes thereof under a policy or policies of group insurance covering life or health or accident insurance or any two or more of such classes of insurance and may contract with any company granting annuities or pensions and authorized to transact business within the state for the pensioning of such employees or any class or classes thereof; and for any and all such purposes, may appropriate out of its treasury any money necessary to pay premiums or charges incident to the carrying on of such policies or contracts.

Section 3. No such fund shall be established and no public moneys shall be contributed, nor shall any contracts of insurance, to the payment of the premiums on which the village shall contribute any part, be entered into until the ordinance establishing the fund, as provided for in section 1 hereof, and providing for the contracts of insurance, as provided for in section 2 hereof, shall have been approved by the freeholders of Miami Shores Village at an election duly called and held; nor shall the ordinance be thereafter amended in such a way as to increase the amount which said village is to contribute, either to said fund, or to the payment of the premiums on said insurance policy, without the approval of the freeholders of said village expressed at an election duly called and held.

Section 4. This act shall take effect immediately upon its becoming a law.

Became a law without the Governor's approval.

Filed in Office Secretary of State June 11, 1951.