HomeMy WebLinkAboutLegislationCity of Miami
Legislation
Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 07-01083 Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION URGING THE CITY OF
MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT
TRUST AND THE CITY OF MIAMI FIREFIGHTERS' AND POLICE OFFICERS'
RETIREMENT TRUST (COLLECTIVELY "PENSION BOARDS") TO INVEST IN
BONDS BACKED BY THE GOVERNMENT OF ISRAEL AND TO PROHIBIT
INVESTMENTS IN ANY COMPANIES DOING BUSINESS WITH IRAN OR SUDAN
PROVIDED THAT SUCH REVISIONS SATISFIES SPECIFIED FIDUCIARY
STANDARDS; DIRECTING THE CITY CLERK TO TRANSMIT A COPY OF THIS
RESOLUTION TO THE MEMBERS OF THE PENSION BOARDS.
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 Commission urges the General Employees' and Sanitation Retirement Trust
and the Firefighters' and Police Officers' Retirement Trust (collectively "Pension Boards") to invest in
bonds backed by the government of Israel, and to prohibit investment in any companies doing
business with Iran or Sudan, provided that such policy satisfies specified fiduciary standards.
Section 3. The City Clerk is directed to transmit a copy of this Resolution to the members of the
Pension Boards.
Section 4. This Resolution shall become effective immediately upon its adoption and signature of
the Mayor.{1}
City of Miami Page i of 2 Printed On: 8/23/2007
File Number: 07-01083
APPROVp PIS TO FORM AND CORRECTNESS:
`JORGE L. E' ANDEZ
CITY A R Y
Footnotes:
{1} If the Mayor does not sign this Resolution, it shall become effective at the end of 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