HomeMy WebLinkAboutExhibit 5 - R-14-0347City of Miami
Text File Report
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File ID: 14-00837a
Enactment #: R-14-0347
Version: 1
Type: Resolution
Introduced: 9/11/14
Status: Passed
Enactment Date: 9/11/14
Controlling Body: Office of the City
Clerk
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.
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 1 lth, 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 11 th, 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, allegedly Russia, using a Russian BUK SAM 11 surface to air missile launcher, downed Malaysia Airlines flight
MH17 over eastern Ukraine on July 17th 2014 killing 298 innocent people; and
WHEREAS, Russia is responsible for the annexation of Crimea and the inciting and participating in the 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
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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)
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