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HomeMy WebLinkAboutDraft Legislation..Title A RESOLUTION OF THE MIAMI CITY COMMISSION AMENDING THE CITY'S INVESTMENT POLICY AS PREVIOUSLY AMENDED BY RESOLUTION NOS. 05- 0463 ADOPTED JULY 28, 2005, AND 07-0504 AND-07-0505, BOTH ADOPTED SEPTEMBER 11, 2007, TO INCLUDE A PROHIBITION ON INVESTMENTS IN ANY COMPANIES WITH BUSINESS OPERATIONS IN RUSSIA, SYRIA, AND VENEZUELA, AND PROVIDED THAT SUCH REVISIONS SATISFY SPECIFIED FIDUCIARY STANDARDS; DIRECTING THE CITY CLERK TO PROVIDE COPIES OF SAID RESOLUTION TO THE PENSION BOARDS, AS DEFINED BELOW, AND TO THE FINANCE COMMITTEE. ..Body WHEREAS, the City Commission on May 10, 2001 pursuant to Resolution No. 01-448 established and adopted the City of Miami ("City") Investment Policy ("City's Investment Policy"), as subsequently amended and restated on July 28, 2005 pursuant to Resolution No. 05-0463; and WHEREAS, the City Commission passed Resolution No. 07-0504 on September 11th, 2007, which further amended the City's Investment Policy, with recommendations from the City's Finance Committee regarding investment quality standards, to authorize investment of surplus funds in foreign debt rated AA or better by Moody's and Standard and Poor's, to include such AA or better rated 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, Iran, North Korea and Cuba, provided that such revisions satisfy specified fiduciary standards; and WHEREAS, the City Commission also passed Resolution No. 07-0505 on September 11th, 2007, which urged the City's General Employees' and Sanitation Employees' Retirement Trust and the City's Firefighters' and Police Officers' Trust (collectively, "Pension Boards") to invest in such AA or better rated 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, Iran, North Korea and Cuba, provided that such revisions satisfy specified fiduciary standards and directing the City Clerk to transmit a copy of said Resolution to the members of the Pension Boards; and WHEREAS, Russia, via a Russian manned and operated BUK SAM 11 surface to air missile launcher, downed Malaysia Airlines flight MH17 shot down over eastern Ukraine on July 17th 2014 killing 298 innocent people; and WHEREAS, Russia is responsible for the annexation of Crimea and the inciting of Civil War within Ukraine by backing Ukrainian separatists; and WHEREAS, the current Venezuelan government has used unlawful force in response to antigovernment demonstrations, including severely beating unarmed protesters, shooting them at point blank range, and denying many detainees' due process rights all while physically and psychologically torturing citizens of the country of Venezuela; and WHEREAS, the City Commission voted unanimously to pass a resolution drafted by Joe Carollo declaring the owners of Venezuelan television station Globovision "persona non grata" for not airing the human rights violations in Venezuela; and WHEREAS, Syrian President Bashar al-Assad has repeatedly carried out indiscriminate and deliberate air strikes against civilians of his own country under opposition control, killing more than 4,000 Syrian people as reported by the Human Rights Watch; and WHEREAS, the City Commission finds that it is unconscionable for the 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 human rights and diplomatic violations attributed to Russian state action, or the human rights violations attributed to Venezuelan state action, or Syrian President Bashar al-Assad's killing of his own people; and WHEREAS, the City Commission desires for this Resolution reflecting public policy statements above to be provided by the City Clerk to the Pension Boards and the Finance Committee; 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 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, as amended from time to time, is further amended to prohibit investments in any companies with business operations in Russia, Syria, and Venezuela, provided that such revisions satisfy specified fiduciary standards. Section 3. The City Commission urges the General Employees' and Sanitation Retirement Trust and the Firefighters' and Police Officers' Retirement Trust (collectively "Pension Boards") to prohibit investment in any companies doing business with Russia, Venezuela, and Syria, provided that such policy satisfies specified fiduciary standards. Section 4. The City Commission directs the City Clerk to provide copies of this Resolution to the Pension Boards and the Finance Committee. Section 5. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.{1} APPROVED AS TO FORM AND CORRECTNESS: VICTORIA MENDEZ CITY ATTORNEY ..Footnote {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.