HomeMy WebLinkAboutResolution 1179
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Adopted Resolution Noa ??
R E S O L U T I O N
WHEREAS, the Republic of South Africa has maintained
a policy of apartheid for over thirty years, resulting in
the institutional subjugation and dehumanization of over
eighty (80) percent of its citizens solely because they are
nonwhite, and
WHEREAS, the governing of that nation in a manner so
violative of the human rights of a majority of its citizens
can be reasonably foreseen to bring about a high level of
domestic conflict and turmoil, and
WHEREAS, the City Council of the City of Fort Worth
considers the policy of apartheid as practiced by the
government of the Republic of South Africa to be morally
reprehensible and contrary to the humanitarian and democratic
principles to which our nation is so firmly committed, and
WHEREAS, the City Council desires to speak with one
voice in declaring its opposition to the policies of racial
apartheid as practiced in the Republic of South Africa, and
WHEREAS, the internal conflict or turmoil in South Africa
could seriously threaten the safety and security of the assets
of foreign corporations located in that nation, and
WHEREAS, actual or perceived threats to the safety and
security of the assets of United States corporations located
in the Republic of South Africa, as a result of domestic
instability in that nation, could effect a decline in the
value of equity investments in those corporations and could
possibly effect the ability to timely meet their debt
obligations, and
WHEREAS, the City Council supports the maintenance of
sound business practices and prudent decision making on the
part of those persons charged with fiduciary responsibilities
with respect to the Retirement Fund to which the City of
Fort Worth contributes, and
WHEREAS, the members of the City Council remain
steadfastly dedicated to the maintenance and protection of
a secure Retirement Fund for city employees, and
WHEREAS, the City Council deems it appropriate to appoint
a South Africa study committee which represents a broad
cross-section of the community, which committee will
investigate certain South Africa related transactions and
will report to the City Council, and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF FORT WORTH, TEXAS
Section 1 That the Board of Trustees of the Employee's
Retirement Fund of the City of Fort Worth shall always maintain
. an investment policy wholly and strictly in accord with sound
business practices established by the laws of the State of
Texas for the protection of the present and future
beneficiaries of said Retirement Fund
Section 2 That consistent with the goals of preserving
capital and maximizing the return for said Fund and only
within the considerations permitted by state law, the Board
of Trustees of said Fund, whenever possible and where it
is deemed appropriate to the futherance of the aforementioned
goals, should endeaver to identify and utilize other investment
opportunities comparable in quality but alternative to
investments in the stocks, securities, or other obligations
of corporations or their subsidiaries or parent companies
which conduct business in or with the Republic of South Africa
or with a corporation organized under the laws of the Republic
of South Africa, which may be adversely impacted as a result
of the unstable conditions arising in those nations
Section 3 That the City Council shall appoint citizens
to a study committee which shall be known as the South Africa
study committee The committee shall be composed of 15
members The committee membership shall be comprised of
the following members from the following organizations
(a) Two members of the Fort Worth City Council,
(b) Four members who are employees of companies which
have contracts with the City of Fort Worth,
(c) One member representing The Fort Worth Human
Rel ations Commission,
(d) One member representing the Fort Worth Chamber
of Commerce,
(e) One member representing the Black Women Lawyers
Ass ociation of Tarrant County,
(f) One member representing the National Association
for the Advancement of Colored. People
(g) One member representing the Fort Worth Black Chamber
of Commerce,
(h) One member representing the group which presented
the proposed Resolution on Divestment in South
Afr ica to the City Council on September 2, 1986,
(i) One member representing the Tarrant Area Community
of Churches,
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(j) One member of the Board of Trustees of the Retirement
Fund of the City of Fort Worth,
(k) One member who is an officer of a financial
institution in the City of Fort Worth
The City Manager and the City Attorney or their designated
representatives, shall be ex-officio members of the committee
without the right to vote The committee members shall receive
no salary, compensation or remuneration for their services
Section 4 The committee shall study the following
matters and shall report back to the City Council concerning
its findings
(a) The feasability, desirability and effect of
restricting the City of Fort Worth in the following
types of transactions
(1) Contracts with companies which do business
in or with South Africa,
(2) Investments of City funds in South Africa
or in companies which do business in or with
South Africa,
(3) Investments of City funds in financial
-- institutions which loan money to South Africa
or invest in South Africa,
(4) Other types of South Africa related contracts,
investments or transactions which the Committee
deems appropriate for study
(b) The types of restrictions and regulations ewhich
other states, counties, municipalities and
governmental bodies have imposed on South Africa
related transactions investments and contracts
Section 5 The report of the study committee shall
be made to the City Council at such time as the Committee
deems appropriate, but not later than December 15, 1986
Section 6 That we, the City Council of the City of
Fort Worth hereby reaffirm our commitment to uphold the
dignity, respect and right to equality of opportunity of
all citizens without regard to race or religious faith
r"`•r"` Section 7 That this resolution take effect immediately
from and after its passage and it is accordingly so resolved
1 , 1986
Adopted this ??day of ?Z4
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