Ordinance 05-2017 Boards & Commissions ORDINANCE NO. 05-2017
AN ORDINANCE OF THE TOWN COUNCIL OF THE TOWN
OF PALM BEACH, PALM BEACH COUNTY, FLORIDA,
AMENDING SECTION 2-567. OF THE TOWN CODE OF
ORDINANCES RELATING TO THE CREATION OF AN
INVESTMENT ADVISORY COMMITTEE; AMENDING
SUBSECTION (g) THEREOF SO AS TO INCLUDE IN THE
DUTIES OF THE INVESTMENT ADVISORY COMMITTEE
THE OBLIGATION TO ACT AS A CITIZEN OVERSIGHT
COMMITTEE IN REGARD TO THE ONE-CENT SURTAX
ENACTED BY LAW; TO REVIEW THE REVENUES AND
EXPENDITURES OF SAID SURTAX PROCEEDS BY THE
TOWN AND TO FILE AN ANNUAL REPORT TO THE TOWN
IN REGARD TO THE COMMITTEE'S DUTIES AS A CITIZEN
ADVISORY COMMITTEE; PROVIDING FOR
SEVERABILITY; PROVIDING FOR REPEAL OF
ORDINANCES IN CONFLICT; PROVIDING FOR
CODIFICATION; PROVIDING AN EFFECTIVE DATE.
WHEREAS, the voters of Palm Beach County, have, by referendum, adopted an
ordinance of Palm Beach County creating a one-cent sales surtax, which sales surtax
commences on January 1, 2017; and
WHEREAS, the county ordinance and the ballet language approved by the voters
provides that municipal expenditures of the one-cent sales surtax shall be subject to
independent oversight by a Citizens' Oversight Committee; and
WHEREAS, the Town has in operation, pursuant to the terms of Section 2-567 of
the Town Code an Investment Advisory Committee; and
WHEREAS, it is determined by the Town Council that it is appropriate for the
Investment Advisory Committee to also serve as the Citizen Oversight Committee for the
purposes described in the county's ordinance relating to the one-cent sales surtax.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE
TOWN OF PALM BEACH, PALM BEACH COUNTY, FLORIDA, AS FOLLOWS:
Section 1., Section 2-567. Relating to the Investment Advisory Committee i s
hereby amended at Subsection (g) to read as follows:
(g) Duties, obligations and functions.
(1)The Investment Advisory Committee shall act in an advisory capacity and shall
make recommendations to the Town Council on matters relating to the Town's
investment policy. The Investment Advisory Committee shall advise the
director of finance on the investment of the Town's surplus funds. All
recommendations must be made within the constraints and limitations of F.S.
§ 218.415.
(2)The Investment Advisory Committee shall also act as a citizens' oversight
committee in regard to the one-cent sale surtax which, by law, commences on
January 1, 2017. The committee, acting as a citizen oversight committee, shall
serve to review the revenues and expenditures of surtax proceeds by the
Town; and shall provide annually, a report to the Town Council relating to
same.
Section 2. Severability.
If any provision of this Ordinance or the application thereof is held invalid, such
invalidity shall not affect the other provisions or applications of this Ordinance which can
be given effect without the invalid provisions or applications, and to this end the provisions
of this Ordinance are hereby declared severable.
Section 3. Repeal of Ordinances in Conflict.
All other ordinances of the Town of Palm Beach, Florida, or parts thereof which
conflict with this or any part of this Ordinance are hereby repealed.
Section 4. Codification.
This Ordinance shall be codified and made a part of the official Code of
Ordinances of the Town of Palm Beach.
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Section 5. Effective Date.
This Ordinance shall take effect immediately upon its passage and approval, as
provided by law.
PASSED AND ADOPTED in a regular, adjourned session of the Town Council of the
Town of Palm Beach on first reading this 10th day of January, 2017, and for second and
final reading on this 14th day of February, 2017.
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GI L. Coni!io, Mayor Richard M. Kleid, Town Council President
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Danielle H. Moore, Town Council President Pro Tem
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U'Y ti� �'���'�� J •�- Araskog, Town Counc Me ber
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iTTEST ,,1._ `` - Bo.bie Lindsay, Town C uncil Me ber
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ro„ Susan A. Owens, MPA, MMC, n rk Margar A. Zeidm , Town Council Member
Ordinance No 05-2017 Page 3 of 3