HomeMy WebLinkAboutItem #25 - First Reading OrdinanceJ-85-6
12/24/84
rr/OU1/D9
M84-989
9/ 1 3/84
ORDINANCE NO.
AN ORDINANCE PROVIDING, 10 THE EXTENT
PERMITTED 8Y LAW, FOR ADDITIONAL
LIMITATIONS ON AUTHORIZED INVESTMENT IN
THE REPUBLICS OF SOUTH AFRICA AND NAMIBIA
OF CITY FUNDS OR FUNDS OF ANY RETIREMENT
PROGRAM CONTROLLED BY THE CITY;
CONTAINING A REPEALER PROVISION AND A
SEVERABILITY CLAUSE.
WHEREAS, the preservation of principal and the
maximization of income are underlying criteria for the
selection and retention of investments by fiduciaries; and
WHEREAS, a business which operates in oreign country
which is governed in a manner seriously 'n n stent with the
human rights of all or some of th co try's citizens
jeopardizes its investments in coun r as well as any
funds invested in that business, ectly or indirectly; and
WHEREAS, the gove ment South Africa has instituted
and maintained a po is partheid, citizens' rights
according to race, fo v r y ars; and
WHEREAS, the gov r Namibia has instituted and is
maintaining a policy o partheid; and
WHEREAS, A artheid has caused the institutional
subjugation of an hardship to over eighty percent of the
people of Sout frica and Namibia simply because they are
non hate; �a
WHERE S he City of Miami should not support the policy
o A a thei by investing in or maintaining investments in
omI
ies doing business in South Africa and Namibia directly
r i ectly; and
W REAS, maintenance of the policy of Apartheid in south
A ica and Namibia casts doubts on the safety and stability
of investments in companies doing business directly or
indirectly in south Africa and Namibia: