§ 121.503. Financial Investment and Advisory Committee; Membership, Appointment and Terms.

(a)

Financial Investment and Advisory Committee members shall be financially sophisticated professionals with expertise in any or all of the following competencies: actuarial science, fiscal operations, or investment practices. Criteria for service will include knowledge, of and experience and familiarity with, portfolio and/or pension fund management, institutional investment and fiduciary responsibilities.

(b)

Members of the Financial Investment and Advisory Committee must be residents of Duval, Nassau, St. Johns, Baker or Clay County, Florida. Each member will be nominated by the Board and confirmed by the City Council to serve in a voluntary capacity.

(c)

The term of office shall be three years. No person shall serve more than three consecutive terms. Of the five persons selected to serve on the initial Committee two members shall serve an initial term of one year and two members shall serve initial terms of two years. All subsequent terms after the stagger is established shall be for three-year terms. In its confirmation of the Committee Member nominee, the City Council shall designate whether the initial term is for two or for three years.

(Ord. 2015-304-E , § 3; Ord. 2017-564-E , § 2)