R-1178-10 RESOLUTION NO. 1178-10
RESOLUTION OF THE MIAMI SHORES VILLAGE
COUNCIL EXPRESSING SUPPORT FOR THE EFFORTS
OF THE JEWISH COMMUNITY RELATIONS COUNCIL
OF THE GREATER MIAMI JEWISH FEDERATION TO
URGE LOCAL GOVERNMENT DIVESTMENT OF
PENSION AND CITY FUNDS FROM COMPANIES THAT
DO BUSINESS WITH IRAN OR SUDAN.
WHEREAS, Section 218.415 of the Florida Statutes contains extensive requirements for
the contents of any written investment policy adopted by a unit of local government, and
provides that those units of local government electing not to adopt a written investment policy in
accordance therewith may invest or reinvest any surplus funds only in The Local Government
Surplus Funds Trust Fund, or similar investment pool, as well as in certain money market funds,
interest bearing time deposits or savings accounts in qualified public depositories or direct
obligations of the US Treasury;
WHEREAS, in accordance with such statute, the Village has elected not to adopt a
written investment policy and, accordingly, the Village's surplus funds are invested primarily in
The Local Government Surplus Funds Trust Fund or interest bearing time deposits or savings
accounts in qualified public depositories as defined in Florida Statutes Section 280.02;
WHEREAS, in accordance with Florida Statutes Section 215.473, The Local
Government Surplus Funds Trust Fund, administered by the State Board of Administration, is
already subject to procedures imposed by the Florida Legislature designed to effect divestment
of any investments in companies doing business with the government of Iran or the government
of Sudan, all as set forth more particularly in the statute; and
WHEREAS, although as a result of the circumstances there is no practical need for the
Village to take any further action to preclude the investment of its surplus funds with companies
engaging in business with the countries of Iran or Sudan, the Village nevertheless wishes to
express its support for and solidarity with the efforts of the Jewish Community Relations Council
of the Greater Miami Jewish Federation to encourage municipalities in Miami-Dade County to
model their investment policies after the example set in Florida Statutes Section 215.473;
NOW THEREFORE, BE IT RESOLVED by the Miami Shores Village Council,that:
Section 1. Miami Shores Village expresses its whole hearted support for and
solidarity with the efforts of the Jewish Community Relations Council of the Greater Miami
Jewish Federation to encourage municipalities in Miami-Dade County to model their investment
policies in accordance with the restrictions contained in Florida Statutes Section 215.473 to
promote divestment of municipal pension and city funds from companies that do business with
Iran or Sudan.
Section 2. This Resolution is effective upon its passage by the Village Council.
Passed on this 6t' day of April , 2010.
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ATTEST: Al Davis, Mayor
Barbara A. Estep, MMC
Village Clerk
Approved as to Form:
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Richard Sarafan
Village Attorney
7718-001/#484
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