HomeMy WebLinkAboutSubmittal-City of Miami's Investment Policy Proposed ResolutionPlease direct mad to Miami office:
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BERKOWITZ DICKPOLLACK&BRANT
CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS, LLP
Direct Dial 305-960-1253
Email: berkowitz@bdpb.com.
September 6, 2007
Honorable Marc D. Sarnoff, Commissioner
City of Miami
3500 Pan Arnerican Drive
Miami, Florida 33133
Dear Commissioner Sarnoff:
515 East Las Olas Boulevard
Fifteenth Floor
Fort Lauderdale, FL 33301-2281
Telephone: 9 5 4-712-700 0
Toll Free: 800-999-1CPA (1272)
Fax: 954-712-7070
www.bdpb.com
SUBMITTED INTO THE
PUBLIC RECORD FOR
ITEM na.iON 9-809.
On September 6, 2007, at the regular meeting of the City of Miami Finance Committee,
the Committee was asked to approve a proposed resolution of the Miami City Commission
amending the City of Miami's Investment Policy. See the proposed resolution attached.
The Committee appreciates the desire of the Commissioner to authorize the investment of
surplus funds in rated or unrated bonds, notes or instruments backed by the full faith and credit
of the government of Israel.
The Committee wishes to bring to the attention of the Commissioner that the current
Investment Policy of the City of Miami does not allow investments in foreign debt instruments.
The Committee unanimously recommends amending the resolution to allow the City of
Miami to invest in foreign debt rated AA or better by Moody's and Standard and Poors. The
Committee recommends the following amendment to Section 2 of the proposed resolution:
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 foreign bonds rated AA or better by Moody's and
Standard and Poors.
The Committee understands that the Commissioner wishes to give preference to bonds
issued by the State of Israel. The Committee has no position with respect to this issue.
Honorable Marc D. Samoff, Commissioner September 6, 2007
Page 2
The Committee has considered the language in the proposed resolutions' granting clauses
which includes statements that are political and social in nature. The City of Miami's Investment
Policy has no such statements. The Committee believes that the City of Miami's Investment
Policy should not contain political or social statements, and therefore the Committee
unanimously is opposed to including that language in the proposed resolution.
Very truly yours,
Ri,i and A. Berk6witz, J.D., C.P.A., Cl aa,„
On behalf of City of Miami Finance Committee
cc: Eli Feinberg, Member, City of Miami Finance Committee
Carol Gardner, Member, City of Miami Finance Committee
Diana M. Gomez, Member, City of Miami Finance Committee
Humberto Rodriguez, Member, City of Miami. Finance Committee
Juan Martinez, Member, City of Miami Finance Committee
Signed in Mr. Berkowitz's absence to prevent delay.
SUBMITTED INTO THE
PUBLIC RECORD FOR
ITEMD2,(_ONq.1-.o.
•
City of Miami
Legislation
Resolution
3500 D2. I
Mil
www.miamigov.com
File Number: 07-01092
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
0 invest public funds in companies that have business operationsin 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 specked fiduciary standards.
Section 3. This Resolution shall become effective immediately upon its adoption and signature of
the Mayor.{1}
Cio, of Minmi Page I of 2
SUBMITTED INTO Th
'UBLIC RECORD FC
ITEM 12i 'ONq'il" o7
Fite Number: 07-01082
APPROVED AS TO FORM AND CORRECTN8,SS:
i
JORGEL•`Fi+l`2NNDEZ
CITY A;n ORNEY
Footnotes:
{1}.If the Mayor does not sign this Resolution, it shall become effective at the.'end of ten`cale% dardays
from the date itwas passed and adopted. if the Mayor vetoes this Resolution; it shalt become
effective immediately upon override of the veto py the City Commission:
SUBMITTED INTO THE
?UBLIC RECORD FOR
TEMtONHto�
C7t3' of Miami
Page 2 of 2
Printed On: 8/23/2007