HomeMy WebLinkAboutLegislationCity of Miami
Legislation
Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 07-01082 Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION AMENDING THE CITY OF
MIAMI'S INVESTMENT POLICY TO AUTHORIZE INVESTMENT OF SURPLUS
FUNDS IN RATED OR UNRATED BONDS, NOTES, OR INSTRUMENTS BACKED
BY THE FULL FAITH AND CREDIT OF THE GOVERNMENT OF ISRAEL, AND TO
PROHIBIT INVESTMENTS IN ANY COMPANIES WITH BUSINESS OPERATIONS
IN SUDAN OR IRAN PROVIDED THAT SUCH REVISIONS SATISFIES SPECIFIED
FIDUCIARY STANDARDS.
WHEREAS, the Florida State Legislature has authorized counties and cities in Florida to invest in
Israeli bonds, regardless of the bond rating; and
WHEREAS, as a result of this Resolution, if acted upon, the invested money will provide the
Jewish nation funding to invest in economic expansion and build up infrastructure; and
WHEREAS, the City Commission finds that it is unconscionable for the City of Miami ("City") to
invest public funds in companies that have business operations in or with foreign countries that
sponsor terrorism and commit egregious human rights violations; and
WHEREAS, as a result of this Resolution, if acted upon, none of the City's surplus dollars will
support either the genocide in Sudan, or Iran's development of nuclear weapons;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by
reference and incorporated as if fully set forth in this Section.
Section 2. The City's Investment Policy established and adopted May 10, 2001 pursuant to
Resolution No. 01-448, is amended to authorize investment of surplus funds in rated or unrated bonds,
notes or instruments backed by the full faith and credit of the government of Israel, and to prohibit
investments in any companies with business operations in Sudan or Iran provided that such revisions
satisfies specified fiduciary standards.
Section 3. This Resolution shall become effective immediately upon its adoption and signature of
the Mayor.{1}
Ci:v of Miami Page 1 of 2 Printed On: 8/2.3/2007
File Number: 07-01082
APPROVED AS TO FORM AND CORRECTNESS:
iJ
JORGE, L. F RNANDEZ
CITY AjrTO 1NEY
Footnotes:
{1} If the Mayor does not sign this Resolution, it shall become effective at the end of ten calendar days
from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become
effective immediately upon override of the veto by the City Commission.
City of Miami Page 2 of 2 Printed On: 8/23/2007