The URL can be used to link to this page

Home My WebLink AboutExhibit 4 - R-07-0504City of Miami Text File Report City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File ID: 07-01082 Enactment #: R-07-0504 Version: 2 Type: Resolution Introduced: 8/21/07 Status: Passed Enactment Date: 9/11/07 Controlling Body: Office of the City Clerk 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, IRAN, NORTH KOREA AND CUBA, 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, or North Korea and Cuba's repression of human rights; 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, Iran, North Korea and Cuba, 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) City of Miami Page I Printed on I12372015 City of Miami Legislation Resolution 35t]0 D2 1 MIF www.rn amieov.com File Number: 0741082 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 SACKED • 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 REVISIONSSATISFIES SPECIFIED : • FIDUCIARY STANDARDS. • ,-.WHEREAS', the Florida State Legislature has authorized counties• and cities in fiorida to inveat.iri. ' '..'.Israeli bonds,. regardless of the 'bond .rating; and ' • •;' :MHEREAS, as a result of this Resolution, if acted open, the invested money will provide the JJewiskh nation funding to invest in eoonomic,expanston and •build'tlp.infrastructure; and ' WHEREAS; the City Coinmissien finds that it is unconscionable for the City of•Mianii ("City") to ':krivestpi.ibiic funds in companies that have business operations.in or.with foreign countries that ::ep;ansar terrorism end 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; rites 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 snail become effective immediately upon its adoption and signature of the Mayor.{1) Cin' of Miami Page 1 of ;usMirrEo INTO Th UBLICRECORD FG ITEM 1 POW 84217'07 File Number.' 0741082 APPROVED AS TO FORM AND CORRECTN S' • JORG i.. 1):IAND CITY iOFFNEY • Fa°trfotea : • {i}.if the Mayor does not sign ibis Resolution, it shalfbecorrie effective at the erid; Qf er''i;at i sr a rs . ; from the date it was passed and adopted. If the Mayor vetoes.this Resotut;d , lt; Shell t c rr e; .,. ; effective immediately upon override of the veto py the,City Comm1ssioil: ' • • SUBMITTED INTO THE PUBLIC RECORD FOR ITEMT_ON a-n_ C"ira of (Ifkind Page 2 of 2 Printer( Opt; 8/23/2f)R.7 Maw mail to Miami ere: 200 Sourh Biscayne. Boulevard Sixth Flour 147ietai, Florida 33131-5310 Telephone: 305.379.7000 ',roll Free: 800-999-1CPA i1272) Pax: 305-379-8200 BERKOWITZ DICKPOLLACK&GRANT CLRTIFIEU PUBLIC ACCOUNTANTS & CONSULTANTS, LLP 17ireci Dial: 305-960-1253 Email: berkowi.tzabdpb.corn September 6, 2007 Honorable Marc D. Sarnoff, Commissioner City of Miami 3500 Pau American Drive Miami, Florida 33133 Dear Commissioner Sarnoff: 515 East Las alas Boulevard Fifteenth Floor Fort Lauderdale, FL 33301-2281 Telephone: 954-712-7000 moll Free: 800-999-1CPA (1272) Fax: 954-712-7070 wwwtbdpb.crn SUBMITTED INTO THE PUBLIC RECORD FOR ITEM oa. i ON 9-0-09 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 Pools, 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 bol2cls issued by the State of Israel. The Committee has no position with respect to this issue. Honorable Marc D. Sarnoff, 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 Cozzunittee unanimously is opposed to including that language in the proposed resolution. Very truly yours, ` oKij/ i i, Le- Riieriard�itz, J.D., C.P.A., C On behalf of City of Miami Finance Committee cc: Eli Feinberg, Member, City of Miami Finance Cornn'ittee 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 absence to prevent delay. SUBMITTED INTO THE PUBLIC RECORD FOR lTEM2.