Monday, May 16, 2011

Jacksonville City Council action

A look at some of the issues Jacksonville's City Council considered in its meeting Tuesday:

Issue: City pension investments

What it means: Trustees of the general employee pension system wanted permission to invest up to 10 percent of the fund in "alternative" investments that could include hedge funds and private equity funds. Skeptics warn hedge funds can carry extra risks, including uncertainty about what an investment is really worth.

Bill No. 2011-108

Action: Postponed until May 24

Issue: Nonprofit construction grants

What it means: The council was asked to approve grants of about $95,000 to FreshMinistries and $53,000 to daniel Memorial. FreshMinistries would use the cash to help it develop a new center at 616 A. Philip Randolph Blvd., and daniel would replace roofs at two Southside buildings.

Bill No. 2011-183

Action: Approved

Issue: Ash zone construction

What it means: The Mayor's Office wanted to update city construction codes to include rules for excavating in areas that were formerly contaminated by lead and other pollutants in ash from city-owned trash incinerators and have since been cleaned up.

Bill No. 2011-230

Action: Approved

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