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111 <br /> <br />A RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH, <br />VIRGINIA EXPRESSING ITS SUPPORT OF SANCTIONS AGAINST THE <br />REPUBLIC OF SOUTH AFRICA FOR THE CONTINUED EXISTENCE OF <br />APARTHEID IN THAT COUNTRY. <br /> <br /> WHEREAS, the Council of the City of Portsmouth, <br />Virqinia, finds the system of apartheid in the Republic <br />of South Africa to be morally reprehensible and contrary <br />to international principles of decency and <br />self-determination; and <br /> <br /> WHEREAS, this Council believes that American <br />corporate and financial investments in South Africa <br />greatly strengthen the apartheid regime and is of the <br />opinion that the imposition of economic sanctions can be <br />effective in helping to bring an end to the system of <br />apartheid in the Republic of South Africa; and <br /> <br /> WHEREAS, the Council recognizes the Sullivan <br />Principles as having been promulgated for and adopted by <br />United States business entitles to rectify the working <br />conditions and economic opportunities of non-whites in <br />the Republic of South Africa; and <br /> <br /> WHEREAS, this Council is dedicated to the <br />democratic right of majority rule and the promotion of <br />the basic principles of human rights for all people. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of <br />the City of Portsmouth, Virginia, that it hereby urges <br />the Board of Trustees of the Portsmouth Supplemental <br />Retirement System and the Portsmouth Fire and Police <br />Retirement System to make no investment of funds under <br />their control (1) in entities that maintain their <br />principal headquarters or consider their principal <br />market within the geoqraphical or political boundaries <br />of the Republic of South Africa; or (2) entities which <br />do business within the geographical or political <br />boundaries of the Republic of South Africa uo!ess such <br />entities_a~e~si~3~atories to the Sullivan Principal and <br />~a_~ve made demonstrated pror~'i'n't-~mple_~mmentatio-~f <br />the princ~ple~ ~-~ ar---~ ~ndorsers-of the---~iilvan <br />principles and meet its basic requirements, and to <br />divest, as expeditiously as reasonable, funds that are <br />currently invested in such entities and to reinvest such <br />funds upon the exercise of bona fide discretion in <br />securities permitted by state law and in keeping with <br />the spirit of this resolution. <br /> <br /> <br />