HomeMy WebLinkAboutItem #20 - First Reading OrdinanceJ-92-51
2/19/92
ORDINANCE NO.
AN ORDINANCE AMENDING ORDINANCE NO. 9959,
ADOPTED FEBRUARY 14, 1985, THEREBY RELEASING
ALL LIMITATIONS OF AUTHORIZED INVESTMENT OF
CITY FUNDS OR FUNDS OF ANY RETIREMENT PROGRAM
CONTROLLED BY THE CITY AGAINST THE COUNTRY OF
NAMIBIA; CONTAINING A REPEALER PROVISION AND
A SEVERABILITY CLAUSE.
WHEREAS, the Unite f'S ates of ica has recently
I
recognized the sove 'gnty f Namibia ndependent; and
WHEREAS, the n ted State oft America has declared that
sanctions i osed a ause of t A artheid policy of South Africa
no longer a I ct ibia a d mibia is not engaged in Apartheid
discriminato practi e f
NOW, TIiEREFORE, ORDAINED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. Ordinance No. 9959, adopted February 14, 1985,
is hereby amended in the following particulars:I/
"Section 1. Notwithstanding any
existing City Code provision to the contrary,
to the extent permitted by law:
(a) No City monies or funds of any
retirement program held or controlled by the
City under any provision of this Code shall
not remain invested or hereinafter be
invested in the stocks, securities, or other
obligations of any bank or financial
institution which makes loans to the
I/Words and/or figures stricken through shall be deleted.
Underscored words and/or figures shall be added. The remaining
provisions are now in effect and remain unchanged. Asterisks
indicate omitted and unchanged materials.
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Republics of South Africa er-Namib or to a
national corporation of the Republics of
South Africa or Nami-=- or in the stocks,
securities or other obligations of any United
States company doing business in the
Republics of South Africa , or
whose subsidiary or affiliate does business
in the Republica of South Africa oratibia.
(b) United States companies,
subsidiaries and affiliates doing business in
the Republic of South Africa shall be
identified by reference to the most recent
annual report of the American Consulate
General of Johannesburg, entitled "American
Firms, Subdivisions and Affiliates --South
Africa".
_.. 9 9 SIMON
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Section 2. All ordinances or parts of ordinances insofar as
they are inconsistent or in conflict with the provisions of this
Ordinance are hereby repealed.
Section 3. If any section, part of section, paragraph,
clause, phrase, or word of this Ordinance is declared invalid,
the remaining provisions of this Ordinance shall not be affected.
Section 4. This Ordinance shall become effective thirty
(30) days after final reading and adoption thereof.
PASSED ON FIRST READING BY TITLE ONLY this day of
1992.
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