§ 16-52. Trustees.

(a)

Trustees. The plan shall be administered by five (5) trustees, chosen as follows:

(1)

Two (2) trustees shall be plan participants, who each shall be either a current employee or a retiree receiving benefits, elected by the employees in secret ballot elections conducted by the city clerk according to procedures established by the board of trustees. The elected trustees shall serve three-year terms.

(2)

One (1) trustee shall be a city resident chosen by the city commission for a three-year term unless earlier replaced by the city commission.

(3)

One (1) trustee shall be a city commissioner chosen by the city commission for a three-year term unless earlier replaced by the city commission.

(4)

The city finance director shall serve as a trustee and as chair of the board of trustees.

(5)

A vacancy shall occur whenever a trustee resigns, is no longer eligible or qualified to serve as a trustee, dies or becomes incapacitated. The vacancy shall be filled in the same manner as was utilized to select the original trustees. Successors to elected trustees shall serve out the unexpired term of the prior trustees.

(b)

Resignation. A trustee may resign and become and remain fully discharged from all further duty or responsibility hereunder upon giving thirty (30) days' notice in writing to the remaining trustees and to the city clerk or such shorter notice as the remaining trustees may accept as sufficient. In the notice there shall be stated a date on which such resignation shall take effect; and such resignation shall take effect on the date specified in the notice unless a successor trustee shall have been appointed at an earlier date, in which event such resignation shall take effect immediately upon the appointment of such successor trustee.

(c)

Successor trustees; assumption of office. Any successor trustees shall immediately upon appointment or election and acceptance of the trusteeship, become vested with all the property, rights, powers and duties of a trustee hereunder with like effect as if originally named a trustee, without the necessity of any formal conveyance or other instrument of title.

(d)

Acceptance of the trust by trustees. A trustee shall execute a written acceptance in a form satisfactory to the board of trustees. By executing such written acceptance, a trustee shall be deemed to have accepted the trust created and established by this declaration and to have consented to act as trustee and to have agreed to administer the trust fund as provided herein. Such written acceptance shall be filed with the secretary.

(e)

Limitation of liability of trustees. No trustees shall in any way be liable or responsible for anything done or committed in the administration of the trust prior to the date of becoming a trustee. No trustees shall be liable for the acts or omissions of a previous trustee, nor shall any trustees be liable for the acts or omissions of any investment manager, attorney, agent, or assistant employed by them pursuant to this agreement, if such person's performance was periodically reviewed by the trustees who found such performance to be satisfactory.

(f)

Office of the fund. The principal offices of the trust fund shall be located and maintained in Cocoa Beach City Hall, or at such other locations in Brevard County, as the board of trustees may determine.

(g)

Power to act in case of vacancy. In case of death, resignation, disqualification, or refusal or inability to act of the trustee, the remaining trustees shall have all the powers, rights, estates and interests of this trust, and shall be charged with its duties, provided that in such cases there shall be no change in the quorum or voting requirements.

(h)

Meetings; notices. The board of trustees shall meet at least once each quarter and at such other times as they deem it necessary to transact their business. The chairman of the board of trustees may, and upon the written request of any two (2) trustees, shall, call a meeting of the board of trustees at any time by giving at least five (5) days' notice in writing, of the time and place thereof to the remaining trustees. Notice of such meetings shall be posted or advertised to the public.

(i)

Minutes. Written minutes, a copy of which shall be furnished with reasonable promptness to each trustee and legal counsel, shall be kept of all business transacted and of all matters upon which voting shall have occurred and the vote shall be recorded. Such minutes shall bear the signature of the chairman and shall be approved at the succeeding meeting.

(j)

Quorum; voting.

(1)

A quorum of the board of trustees shall be at least three (3) trustees.

(2)

Any action taken by the trustees, except as herein otherwise provided, shall be by affirmative vote of at least three (3) votes. The trustees must cast their votes in person.

(k)

Removal of trustees. The board of trustees shall initiate action to cause the removal of any fellow trustees who is not qualified to serve as a trustees under this agreement or state law. The vacancy or vacancies caused by such a removal shall be filled in accordance with subsection (c) of this section.

(Ord. No. 1222, § 1, 11-18-1999)