Minutes 11/09/1993 - Laserfiche WebLink

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November 9 1993 We have recently received a letter from Ambassador H. H. Schwarz of the Embassy of South Africa indicating that all apartheid laws have been repealed and an election date has been set that will include participation of all South Africans. Therefore Ambassador Schwarz encourages a normalization of ~nvestment relations between the U.S.A. and South Africa which would require a removal of existing sanctions. Attached is a resolution requesting the Retirement Board to remove investment sanctions as adopted in 1985 because of the repeal of all apartheid laws and the participation of all South Africans in a general election. Recently, this same action was taken by.Governor Wilder in reference to the Virginia Retirement System-Pension Fund. I recommendadoption resolution. of this ' ~" Motion by Mr. King, and seconded by Mr. Hawks, to adopt the following resolution and was adopted by the following vote: "A RESOLUTION OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA EXPRESSING ITS SUPPORT OF THE REMOVAL OF SANCTIONS AGAINST THE REPUBLIC OF SOUTH AFRICA GIVEN THE DISCONTINUANCE OF APARTHEID'IN .THATCOUNTRY. WHEREAS, the Council of the City of PortSm°ut~-Virginca by Resolution adopted on October 8, 1985 expressed its support for sanctions against the' Republic of South Africa for its then practxce of apartheld in-the country; and WHEREAS, this Council is dedicated to the;democratic right of majority rule and the promotion of the basic principles of human rights for all people, andencouraged by that Republic'is discontinuance ofapartheid and its~embracing the practice Of general elections. WHEREAS, this Council believes that American corporate and financial investments in South Africa will greatly strengthen their economy and thus help democracy flourish. NOW THEREFORE, BE IT RESOLVED by the Council of the City of Port~smouth, Virginia, that it hereby urges the Board of Trustees of the Portsmouth Supplemental Retirement System and the Portsmouth Fire and Police Retirement System to no longer reject investment of funds under their control (1) in entities that maintain their principal headquarters or consider their principal market within the geographical or political boundaries of the Republic of South Africa; or (2) in entities which do business within the geographical or political boundaries of the Republic of South Africa and that are signatories to the Sullivan Principles and have made demonstrated progress in the implementation of the principles or are endorsers of the Sullivan Principles and meet their basic requirements. IT IS FURTHER RESOLVED that Council's Resolution of October 8, 1985, be repealed." Ayes: Clemons, Epperson, Griffin, Hawks, King, Pitts, Webb Nays: None 93-441 - Letter from the City Manager recommending adoption of a motion to transfer $60,103 from the Grants Contingency Account for the FY 1994 Southeastern Virginia Areaw~de Model Program, Inc. (SEVAMP) contract year to provide services to senior citizens.