Investments - Real estate.
San José Municipal Code § 3.28.365
in effect3.28.365 - Investments - Real estate.
A. The board may:
1. Acquire, hold for investment or sell commercial, industrial and residential real estate, and real estate related debt instruments in the following forms: in its own name or in common ownership with the police and fire department retirement plan or through a title holding corporation or trust satisfying the requirements of Internal Revenue Code Section 501(c)(25);
2. Lease real property owned by the board for any lawful purpose and for terms which may extend beyond the duration of this retirement system;
3. Create restrictions and easements affecting the real property owned by the board; and
4. Exercise all other rights, privileges and powers which an owner of real property would have, unless otherwise prohibited by the terms of this retirement plan or by other applicable law.
B. The board shall take title as follows:
1. Title to all commercial, industrial and residential real estate and all real estate related debt instruments acquired by the board on behalf of this retirement system shall be taken and held in one of the following forms: directly by the board of administration in the name of board of administration as trustee for the federated city employees retirement fund, or through a title holding corporation or trust satisfying the requirements of Internal Revenue Code Section 501(c)(25).
2. Title to all commercial, industrial and residential real estate and all real estate related debt instruments acquired by the board on behalf of this retirement plan to be held in common ownership with the police and fire department retirement plan shall be taken and held in the following name: board of administration as trustee for the federated city employees retirement fund, as to an undivided specified percent interest, and the board of administration, as trustee for the police and fire department retirement fund, as to an undivided specified percent interest, together as tenants in common. The percent interests to be specified in the title shall be determined by the boards of administration.
C. For the purposes of this Section 3.28.365, a title holding corporation or trust satisfying the requirements of Internal Revenue Code Section 501(c)(25) may be such a corporation or trust established by the board.
(Ords. 25092, 25994.)
Source: City of San José, Municipal Code (Municode Library, library.municode.com)URL: https://library.municode.com/ca/san_jose/codes/code_of_ordinances?nodeId=TIT3PE_IIREPL_CH3.281975FEEMREPL_PT3REFU_3.28.365INEAESFetched: 11/1/2026