11-14-2007 Workshop
City Commission
Workshop Meeting
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19200 West CountrY C'luh Drive Aventura FL 111 RO
November 14, 2007
2:00 P.M.
Executive Conference Room
AGENDA
1. Library Project Update (City Manager)
2. Property Tax Reform Update (City Manager) *
3. Community Services Advisory Board (City Manager)*
Future Action Required: Resolution
4. City Sponsorship for Federal Grant to Assist Point East
Condominium Association with Seawall Restoration (City
Attorney) *
5. Iran Divestment Advocacy (Commissioner Auerbach) *
6. Discussion on Election Date (City Manager) *
7. Adjournment
* Back-up Information Exists
This meeting is open to the public. In accordance with the Americans with Disabilities Act of 1990, all persons who are
disabled and who need special accommodations to participate in this meeting because of that disability should contact the
Office of the City Clerk, 305-466-8901, not later than two days prior to such proceeding.
Proposed Constitutional Amendments
The following is a summary of the package passed by the Legislature:
1. Doublina the Homestead Exemption
. Creates an additional homestead exemption worth $25,000, applied to
home value above $50,000.
. This exemption will not apply to school tax levies.
2. Full Portability
. Allows homeowners to transfer their SOH benefit to a new homestead
anywhere in Florida within 2 years of leaving their former homesteads.
. Individuals that sold their homes in 2007 can transfer their SOH benefit to a
new homestead if they establish the new homestead by January 1, 2009.
. If "upsizing" to a home of equal or greater just value, the homestead owner
can transfer 100% of the SOH benefit to the new homestead, up to a
$500,000 transferred benefit.
. If "downsizing" to a home with a lower just value, the homestead owner can
transfer a SOH benefit that protects the same percentage of value as it did
the former homestead, up to a $500,000 benefit.
. The transferred SOH benefit will apply to all taxes, including school taxes.
3. Provides an assessment arowth limitation of 10% for all non-homestead
properties
. This assessment limitation does not apply to school tax levies.
. The assessment limitation will expire in 10 years. At that time voters will
decide whether or not to reauthorize it.
. Residential properties of nine units or less will surrender accumulated
protections at the change of ownership or control, as defined by general law.
. For all other properties (i.e. residential properties of ten or more units and
business properties), the Legislature must define by general law how the
property will surrender protections when there is a "qualifying improvement" to
the property. The Legislature may define by general law how the property will
surrender the accumulated protections at a change of ownership or control.
4. Creates a Tangible Personal Property Exemption of $25,000
. This exemption applies to all tax levies
5. Requires an annual appropriation to fiscally constrained counties to offset
revenue reductions that result from the constitutional amendment.
CITY OF AVENTURA
OFFICE OF THE CITY MANAGER
MEMORANDUM
FROM: Eric M. Soroka, ICMA-CM, Ci
TO: City Commission
DATE: November 8, 2007
SUBJECT: Selection of Community Services Advisory Board Members
The terms of the Community Services Advisory Board will have expired. The City
Commission requested the City Administration to solicit individuals who wish to serve
on the Board. In addition to the following individuals who currently serve on the Board,
two new applicants have filed for candidacy.
Current Members:
Julie R. Israel
Melvin Taks - Vacancy
Gary Pyott
Evie Hernandez
Amit Z. Bloom
Jonathan P. Evans
Ruthe Cohen
Applicants:
Michael Yavner
Julian Orlansky
I have placed this matter on the Workshop Agenda for action by the City Commission.
EMS/act
Attachment
CC01602-07
CITY OF AVENTURA
APPLICATION FOR
COMMUNITY SERVICES ADVISORY BOARD
Potential board members must be registered voters who have resided in the City of A ventura for six (6)
months immediately prior to an appointment to the Board. Applicants must have expressed interest
and/or experience in landscape design and architecture, beautification projects, youth and/or senior
citizen programs, recreation activities, culture and the arts.
Name of Applicant: ~ ~2t<'
(Please Print)
Address::2/3?b ~M tv. rc-lr #C/~
Home Phone: 305 fJJ 3877 Email Address:Jvo(~...=>J.~.ll @ NI-~-. Ctrl
,
Business Name: tJ" (thcJ-t'J Trv s t Occupation: ~(.J\ ltk ~J." \SO~
Business Address: li''lO'l ~E..- 2-'\~ ~"-Nv.e. ~"c..,..I"t'o"..)(A.
4~cdw~
/
Business Phone: 505. l' \. g. (.. 00 ,
Fax: 305-" 3l. 5..s 71
Qualifications:
(Briefly describe the specific expertise and/or abilities you can contribute as a member of this Board.)
rArk~ (// I!'/'
(}/f// / e. f1/f"/f/CJ? ,
List community or civic involvement: (~ c 1/,';>;f1.f,/
.../
Please attach a resume along with your application.
I understand that in accordance with the State of Florida Government in the Sunshine
Law, this information may be made public. I understand that all board appointments are
for voluntary, uncompensated services and I will be subject to the requirements of the
State of Florid Financial Disclosure Requirements.
Fax or Mail completed application & resume to:
Office of the City Manager
Government Center
19200 West Country Club Drive, Aventura, FL 33180
(305) 466-8910 (305) 466-8919 fax
Michael S. Yavner
21376 Marina Cove Circle # C14
Aventura, Florida 33180
305.778.3476 · Renvay@aol.com
PROFILE
Top producing consultant and sales representative within highly competitive financial industry.
PROFESSIONAL EXPERIENCE
Northern Trust, N.A., Aventura / Miami, Florida
Wealth Strategist
2002 - Prcscll t
. Establ1sh relationships with new prospects. Present asset allocation plans, investment solutions ,1Ile!
servIces in calling presentations to acquire new clients.
. Mamtain ongoing contact with clients and promote relationship enhancement opportunities throug.h
knowledge of estate and financial planning matters.
. Cultivate center of influence contacts for referrals and to strengthen Northern competitive advanUlgc'
in marketplace.
. Cross sell investment and trust relationships to existing bank clients.
. Cultivate institutional business in the not for profit sector, including institutional custody.
. Assist prospects and clients with estate planning ideas. Secure future fee appointments.
UBS PaineWebber, Aventura, Florida
Financial Advisor I Retirement Plan Consultant
2000 - 2002
. Design, develop and deliver marketing campaigns to attract and retain clients. Serve high net
worth clients, corporations, and individual investors.
. Build relationships and drive business through new accounts, portfolio review, and prospecting.
. Develop asset allocatlOn guidelines to maximize investor return while minimizing risk.
. Provide infornlation on retirement plans, including 401 (k) plans, brokerage services, managed
account services, stocks, fixed income securities, estate planning, insurance, variable annUlties, ~lIId
lending products.
. Established relations with institutional clients; successfully prospected and landed several defincd
bene!]t and defined contribution plans. Acted as main contact person for accounts.
. Generated a high number of referrals and repeat business by providing excellent service and fol10w-
up.
. Conducted sales meetings for new Financial Advisors and helped train new recruits
PRliDE:\ITIAL SECURITIES, Aventura, Florida
Financial Advisor
1996 - 2000
. Prospected and serviced individual investors and high net worth clients.
. Gathered assets and developed asset allocation guidelines and implemented strategies to provIde
income, enhance wealth, and minimize risk.
. Provide information on brokerage services, stocks, mutual funds, and fixed income securitIes.
. Consistently met and exceeded asset gathering and sales quotas
. Ranked in top quartile in nation for new trainees.
Mic/we! S YII\'!ler
Page 2
A 1'&'1', Gainesville, Florida
Assistant Manager / Communications Sales Associate
1995 -1996
. Received promotion from sales associate to assistant manager
. Conducted effective sales management meetings and motivated sales associates
I'A {'L WEST FORD / MITSUBISHI, Gainesville, Florida
Finance Internship
Summer 1995
. Extensive overview of dealership sales, finance and sales management.
. Develop and implement sales campaign with dealer / owner
. Sales Finance Manager of the Month
EDUCATION
lJnivcrsity of Florida, Gainesville, Florida
r-3achclor of Scicnce - Business Administration
I'vlajor - Marketing! Minor - Finance
LlCENSURES / CERTIFICATIONS
CTF.A - Certi Cied Trust Financial Advisor - American Bankers Association
Serics 7, Serics 63, Series 65, Life and Variable Annuity
PROFESSIONAL / CHARITABLE AFFILIATIONS
A ventura Marketing Council- A ventura Young Professionals, Chairman
Mount Sinai Founders Board Member
Victory School for Children, Board Member
Ami-Defamation League
City ofrlope Walk for Hope, Chairman
!\mcrican Cancer Society
Creater Miami Jewish Federation Board Member
COMPUTER SKILLS
Microsoft Office, Word, Excel, Outlook, Power Point, Lotus Suite, Windows NT, and Internet
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CITY OF AVENTURA
APPLICATION FOR
COMMUNITY SERVICES ADVISORY BOARD
Potential board members must be registered voters who have resided in the City of I t ventura for six (6)
months immediately prior to an appointment to the Board. Applicants must have ex! \'"essed interest
and/or experience in landscape design and architecture, beautification projects, yOUl 11 and/or senior
citizen programs, recreation activities, culture and the arts.
Name of Applicant: -:J U L l 41J tJ f- 1, A:rJ Cj f(. y .
-?~ . I (Please Print) ~ 7 ') 7
Address: -j '71 S No CoLlNTt'{ CLV1? ptz- d.
Home Phone&O~) 79l-0155 Email Address: -:JOrz.I.-A-N7^'~I/ @ /1(/)tl1.41 L-" C~
(
Business Name: I~ Pi otJt,. 1/ L ~ rf 11,4-rti? L. ~Occupation: A1V ;f11 fl?C1I/Il.-ltv t? IV /71 Olt/
q ./ -,. MA1V A- G f:?f(,
Business Address: ' 97 ([) /ViA) 77 A ve, MfM11 { . rL 37 ot ft,
Business Phone:{? "b t;:2- 7 . 7 7 "' 0 Fax:~?' i/ () 152- It ~ rOb '7
Qualifications: A (LC HI 'ftt;?C(v!--e- $ PMiG-llJ MCfCm~,O(/V9
(Briefly describe the specific expertise and/or abilities you can contribute as a IT l!mber of this Board,)
('f7;tcrt1?l-OrZ- ~~ IA; /HUH rrr;;;-C'r(/({A?~r Ul2-17tV1J fvMWl6 ~-r/)fJ71 ~
(I~ kJtCUI~r. 0Cf:{O-Ul--)/ M.,1 rJattl-Cj7~/ t:<C-~/(~Nf
UJl/Pe'~71A-NVt'AJ~ op 1;;1'e(L.{~1U 1?e:'?~ q L--A''/Jf?7Q4J PIA/(;?t:e7i6tl
!</VliL/lLf?T7 ItV COt"fJ '71 rt--u~ I -.. T/-f.~
List community or civic involvement: VOl- () M I~ l tV r~ ~{tV6 ~t:iL.;~ I
VO l-U~ 'f1'?i!fL-. C1J /}CJ1 oy G II-I.--" {-()cX f'1 eM f'H IS. :J c-c-) I
H.irf7 (rU POlL- til/MIJ1V I 'tV Vl7L-{;I!J~ HO{/Swt'J 1>)
Please attach a resume along with your application. ( >"-
I understand that in accordance with the State of Florida Governmen ' in the Sunshine
Law, this information may be made public. I understand that all boar:f appointments are
for voluntary, uncompensated services and I will be subject to the ref. ,uirements of the
State of Florida Financial Disclosure Requirements.
.~~ b/~~~o7
Sig~a~ol APpl~t Date
Fax or Mail completed application & resume to:
Office of the City Manager
Government Center
19200 West Country Club Drive, Aventura, FL 33180
(305) 466-8910 (305) 466-8919 fax
Jun 29 07 10:10a
p.2
Julian S. Orlandcy
3375 N. Country Club Dr., #707 Aventura FL 33180 (305) 792-0455 jolt~n8ky@botmaiLeom
Team player and problem solver with highly developed analytical, (Irganizational,
communications, and planning skills; with a strong technical and busi 'less background.
TROPICAL TILE & MARBLE 2003-Present (Miami~ "FL)
Architectural Division Mana2er
. Establish relationships with architectural & interior design firms, developer), general contractors
and sub contractors throughout South Florida.
. Conduct presentations to promote company's product lines (porcelain tiles and natural stones)
and develop product training.
. Generate specifications for residential and commercial projects (through ar::hitects and
designers) .
. Manage all projects that are specification driven throughout the constructi.m stages (to insure
excellent service to customers).
. Manage the delivery logistics and scheduling to job sites.
VP BUILDINGS (Varco Proden International) 1998-2002 (Memphi:, TN/Miami, FL)
International Sales Manae:er
. Developed sales of pre-engineered metal buildings and components throu~ hout the world.
. Actively worked on a worldwide marketing plan.
. Developed and maintained a customer/distribution network
. Conducted sales and product training for the Latin Americanjoin venture~..
. Acted as project manager from early design stages until the metal bui] ding construction was
completed.
AMERICAN BUILDINGS COMPANY 1995-1998 (Houstor,. TX)
Remonal Sales Manae:er. Latin America & Caribbean:
. Developed sales and marketing strategies of pre-engineered metal buildinl ~s for the region.
. Created customer base through qualified builders, developers and industri tal. parks.
. Assisted managing the entire export and logistics process.
GOTSDINER ARCIDTECTS 1991-1994 (HoustOII. TX)
Proiect Manae:er
. Designed and produced construction documents and specifications for co mmercial and
residential projects.
. Interacted directly with clients, contractors and sub-contractors to insure projects went as
planned.
. Regularly visited job sites to supervise construction stages and finishes.
MAKI 52 (DEVELOPERS) 1989-1991 (Housto rl, TX)
Proiect Manae.er
. Developed projects for connnercial and residential buildings in Guam.
. Assisted in the logistics of sending construction materials from the U.S. 10 Guam.
Jun 29 07 10:10a
p.3
Julian S. Orlansky - Page 2
SKILLS:
. ADDlieation Packae:es: Windows, MS- Word, MS-Excel, MS-Access, MS. .PowerPoint, MS-
Outlook, AutoCAD, ACT.
. Lane:uae:es: Bilingual (English/Spanish). conversational Portuguese.
OTHER:
. Traveled extensively worldwide while doing business with construction COI npanies. Captain of
the Tennis Team during High School & College. National Honor Society.
EDUCATION:
2001
Graduate Management Program; Florida International Uni ,rersity (flU)
(International Business & International Marketing)
1988
Bachelor of Architecture
University of Buenos Aires, Argentina
Professional Courses & Seminars:
1995 Houston Conununity College; Residential Construction Sel ninar
1994 Southern Methodist University; Mid-Management Program
2004 Miami Dade Community College; General Contracting ec,urse
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November 13,2007
20400 West Country Club Dr., #215
A ventura, FL 33180
Eric M. Soroka, City Manager
City of A ventura
19200 West Country Club Drive
Aventura, FL 33180
Dear Mr. Soroka:
I would like to submit my name for consideration as a candidate to the A ventura
Community Services Advisory Board.
As a resident of A ventura for 9 years, I feel fortunate to be part of this beautiful and
progressive community.
Presently, I am employed as a journalist for the South Florida Sun Times and A ventura
Digest and write a column and news articles regarding the city. This experience, working
actively in the public sector, has given me insight to ongoing city projects such as cultural
events, aesthetic projects and recreational events.
I have come in contact with many residents, business leaders and elected officials
responsible for building our community. During media interviewing or in casual
conversation, I have been able to erudite and absorb information pertaining to the city and
feel confident of relaying suggested ideas to the Advisory Board for discussion and
recommendation.
My academic background in the visual arts has given me an appreciation of this medium
and the enrichment within oneself.
Thank you for your time and consideration. I look forward to hearing from you.
Sincerely yours,
::baud Uclal!
David Udoff
Encl: Resume
David M. Udoff
20400 West Country Club Drive #215 Aventura, FL 33180
Tel: (305) 778-4801 E-mail: dmu088@yahoo.com
Professional Experience:
South Florida Sun Times/ A ventura Digest
Journalist/Photographer
(2006-Present)
. Author of various newspaper columns, advertorials and reported on city and
community events. Expansion of newspaper stories and act as a popular voice
in the community.
. Conduct interviews with business personalities, government entities and
residents. Perform reporting to ascertain details and clarify actual facts and
anecdotes for the columns.
. Interpret and organize research from articles, books, magazines, recorded
interviews and internet. Extract all pertinent audio, visual and written
communications and synthesize into concise interesting written news articles.
. Produce photographs of people, business products/services, cultural events
and citywide infrastructure.
. Creative thinking in advertising and developing marketing text with images.
City of Sunny Isles Beach, Sunny Isles Beach, FL
Administrative Coordinator (2003 - 2005)
. Performed all the necessary administrative duties including special projects
related to leisure activities, events and tourism.
. Strong ability to focus on projects and produce results.
. Utilized computer software skills to prepare correspondence, reports, charts,
tables and forms. Implement and planned budget, accounts
payable/receivable responsibilities, managed filing, documents and installed
photographs and documents in the digital library.
. Wrote and edited an ongoing newspaper column published in the Sunny Isles
Beach Sun detailing the tourism, recreation activities, architectural history and
noted personalities.
. Produced and edited digital photographs of the City's infrastructure, parks and
recreation and events for use in City publications, newspaper, TV broadcasts,
website, and visual presentations at town hall meetings.
Texture Interiors, A ventura, FL
Artist/Owner
(1993 - 2003)
. Specialized in interior decorative arts, painting and sculpture.
Consulted and coordinated design projects with architects,
interior designers and homeowners for high-end projects.
. Experience in supervision of employees.
David M. Udoff
Education:
Bachelor of Arts
Florida International University
Major: Art
Associate Arts Degree
Los Angeles Valley College
(2007)
Miami, FL
Van Nuys, CA
Accomplishments:
Professional Placement Network
Coursework and training completion
Sierra Club, Recreation Leader
Broward Park and Recreation, Davie, FL
Art Instructor in drawing and painting
Hortt award
Museum of Art, Fort Lauderdale, FL
(2006)
(2001-2003)
(1997- 1998)
( 1996)
Computer Skills:
Microsoft Office Professional Edition: Word, Excel and PowerPoint
Adobe PhotoShop 6.0, Windows Explorer, Internet, Publisher,
Digital Printer.
Office Equipment:
Business computer, digital printer, Xerox copier, Phones,
tape recorder, transcriber, 35 mm SLR digital and film camera,
video professional camcorder
Professional Affiliations:
Sunny Isles Beach Historical Preservation Board
F ootlighters
JCC Cultural Arts Board- Actors in the Gym
Hollywood Arts and Cultural Center
(2003-2005)
(2003-present)
(2005)
(1998)
Professional Expertise:
Journalist, Photographer, Visual Artist
~~Wtl. wi' !I-IV ~o7
J'~.3
November 13,2007
20400 West Country Club Dr., #215
Aventura, FL 33180
Eric M. Soroka, City Manager
City of Aventura
19200 West Country Club Drive
Aventura, FL 33180
Dear Mr. Soroka:
I would like to submit my name for consideration as a candidate to the A ventura
Community Services Advisory Board.
As a resident of Aventura for 9 years, I feel fortunate to be part of this beautiful and
progressive community.
Presently, I am employed as a journalist for the South Florida Sun Times and A ventura
Digest and write a column and news articles regarding the city. This experience, working
actively in the public sector, has given me insight to ongoing city projects such as cultural
events, aesthetic projects and recreational events.
I have come in contact with many residents, business leaders and elected officials
responsible for building our community. During media interviewing or in casual
conversation, I have been able to erudite and absorb information pertaining to the city and
feel confident of relaying suggested ideas to the Advisory Board for discussion and
recommendation.
My academic background in the visual arts has given me an appreciation of this medium
and the enrichment within oneself.
Thank you for your time and consideration. I look forward to hearing from you.
Sincerely yours,
LJaud Ucla//
David Udoff
Encl: Resume
David M. Udoff
20400 West Country Club Drive #215 Aventura, FL 33180
Tel: (305) 778-4801 E-mail: dmu088@yahoo.com
Professional Experience:
South Florida Sun Times/Aventura Digest
J ournalistlPhotographer
(2006-Present)
. Author of various newspaper columns, advertorials and reported on city and
community events. Expansion of newspaper stories and act as a popular voice
in the community.
. Conduct interviews with business personalities, government entities and
residents. Perform reporting to ascertain details and clarify actual facts and
anecdotes for the columns.
. Interpret and organize research from articles, books, magazines, recorded
interviews and internet. Extract all pertinent audio, visual and written
communications and synthesize into concise interesting written news articles.
. Produce photographs of people, business products/services, cultural events
and citywide infrastructure.
. Creative thinking in advertising and developing marketing text with images.
City of Sunny Isles Beach, Sunny Isles Beach, FL
Administrative Coordinator (2003 - 2005)
. Performed all the necessary administrative duties including special projects
related to leisure activities, events and tourism.
. Strong ability to focus on projects and produce results.
. Utilized computer software skills to prepare correspondence, reports, charts,
tables and forms. Implement and planned budget, accounts
payable/receivable responsibilities, managed filing, documents and installed
photographs and documents in the digital library.
. Wrote and edited an ongoing newspaper column published in the Sunny Isles
Beach Sun detailing the tourism, recreation activities, architectural history and
noted personalities.
. Produced and edited digital photographs ofthe City's infrastructure, parks and
recreation and events for use in City publications, newspaper, TV broadcasts,
website, and visual presentations at town hall meetings.
Texture Interiors, A ventura, FL
Artist/Owner
(1993 - 2003)
. Specialized in interior decorative arts, painting and sculpture.
Consulted and coordinated design projects with architects,
interior designers and homeowners for high-end projects.
. Experience in supervision of employees.
..
David M. U doff
Education:
Bachelor of Arts
Florida International University
Major: Art
Associate Arts Degree
Los Angeles Valley College
(2007)
Miami, FL
Van Nuys, CA
Accomplishments:
Professional Placement Network
Coursework and training completion
Sierra Club, Recreation Leader
Broward Park and Recreation, Davie, FL
Art Instructor in drawing and painting
Hortt award
Museum of Art, Fort Lauderdale, FL
(2006)
(2001-2003)
(1997 - 1998)
(1996)
Computer Skills:
Microsoft Office Professional Edition: Word, Excel and PowerPoint
Adobe PhotoShop 6.0, Windows Explorer, Internet, Publisher,
Digital Printer.
Office Equipment:
Business computer, digital printer, Xerox copier, Phones,
tape recorder, transcriber, 35 mm SLR digital and film camera,
video professional camcorder
Professional Affiliations:
Sunny Isles Beach Historical Preservation Board
F ootlighters
JCC Cultural Arts Board- Actors in the Gym
Hollywood Arts and Cultural Center
(2003-2005)
(2003-present)
(2005)
(1998)
Professional Expertise:
Journalist, Photographer, Visual Artist
Weiss Serota Helfman
Pastoriza Cole & Boniske, P.L.
Memo
To:
Mayor and City Commission
From:
David M. W olpin, City Attorney
Date:
November 14,2007
Re:
Authorization to Explore Potential City Sponsorship for Federal Grant to Assist
Point East Three and Point East Four Condominium Associations with Seawall
Restoration
RECOMMENDA nON
It is recommended that the City Commission consider authorizing the City Manager to send a
grant initiating request letter to the U.S. Department of Agriculture by which the City may
potentially act as a sponsor for the efforts of Point East Three and Point East Four
Condominium Associations ( collectively, the" Association" ) to obtain federal funds to assist
the Association in their seawall restoration projects, subject to the condition that the City shall
act solely as a non- recourse sponsor with no monetary liability whatsoever.
BACKGROUND
The Association, through its special legal counsel has acknowledged that the City has no
liability or responsibility for the repair of the Association's seawalls which were damaged
during Hurricane Wilma in October 2005.
However, the Association's special legal counsel has identified a federal program administered
by the U.S. Department of Agriculture which may be able to provide grant funds to the
Association for the repair of the Association's seawalls, if the Association is able to obtain a
local government sponsor to request the grant. If the City Commission desires to authorize
further exploration of the feasibility of the City serving as grant sponsor without incurring any
liability or expense, the first step would be to authorize the City Manager to execute and submit
the enclosed grant initiating request letter. Subsequent efforts will determine whether federal
program funds are available, and whether the federal agencies will enable the City to serve as a
sponsor with no liability through a grant agreement which recognizes that any obligation of the
City under a sponsorship role would be performed solely by the Association or by the
Association's contractors. If an acceptable grant agreement is offered by the federal agencies, it
would be presented for City Commission consideration.
Please advise if further information is required.
C.C. Eric M. Soroka, City Manager
328.001
[CITY OF A VENTURA LETTERHEAD]
_,2007
Mr. T. Niles Glasgow, State Conservationist
USDA - Natural Resources Conservation Service
Post Office Box 141510
Gainesville, Florida 32614-1510
Re: City of Aventura (Point East Three and Point East Four Condominiums)
Dear Mr. Glasgow:
We hereby request federal assistance under provisions of Section 403 of the Agricultural Credit
Act of 1978, as a sponsor for Point East Three Condominium Corporation, Inc., and Point East
Four Condominium Corporation, Inc., (collectively, the" Condominiums") to repair damages
caused by Hurricane Wilma on October, 2005. Please process this as a separate request as to
each of the two (2) condominium associations.
The Condominium's representatives have advised the City of Aventura ( the" City") that the
assistance requested is necessary to protect lives and property from imminent floodwater hazards
from debris laden drainage canals and waterways, as well as damage to adjacent seawalls.
As potential sponsors of this emergency watershed protection project, the City understands that
our responsibilities will include contractually obligating the Condominiums to secure land rights
and permits needed to construct and, if necessary, to contractually obligate the Condominiums
to operate and maintain any proposed emergency measures.
The designated person within the City of A ventura municipal government to whom questions
should be directed is:
Eric M. Soroka, City Manager
19200 West Country Club Drive
A ventura, Florida 33180
Telephone: 305.466.8910
Facsimile: 305.466.8919
E-mail: sorokae@cityofaventura.com
Thank you very much for your favorable consideration of the City's requests.
Sincerely,
Eric M. Soroka, City Manager
IRAN DIVESTMENT ADVOCACY
SUMMARY BACKGROUND MEMORANDUM
(AS OF OCTOBER 25, 2007)
October 21,2007
STATE AND LOCAL GOVERNMENT DIVESTMENT FROM IRAN
1. Why divestment is important
Unless stopped, Iran is expected to be able to produce a nuclear weapon within
approximately one year
A nuclear Iran would make the world a far more frightening place. We almost
certainly would see a nuclear arms race in the Middle East-and the end of our international
non-proliferation regime. We could easily see a nuclear device in the hands of Hezbollah or
another of Iran's terrorist proxies. The world would have little ability to stop Iran's
expansionism for fear of nuclear reprisal. Our peace, security, and freedom would be severely
jeopardized.
If Iran is not stopped very soon, we will face a terrible choice: to allow Iran to have
a nuclear bomb, or to bomb Iran.
The only chance we have to avoid this grim choice is to use all available means now to
pressure Iran's regime
Iran's regime is extraordinarily vulnerable to economic pressure. Its economy is in
deep trouble. Its energy sector upholds the economy, but its oil and gas infrastructure is
crumbling The country depends on foreign investment-and Western know-how-to restore its
infrastructure and maintain even the current diminished flow of oil.
The United States already largely prohibits U.S. companies from doing business in
Iran, and provides for sanctions against international companies that do more than $20
million in Iran's energy sector. Just this month, the U.S. government designated Iran's
Revolutionary Guard as a proliferator of weapons of mass destruction and designated the
IRG's elite Quds Force as a Specially Designated Global Terrorist entity. The US
government also has designated several of Iran's largest state-owned banks. Several large
international banks have stopped or reduced their business with Iran, partly responding to US
pressure. Also, several large energy companies have completely or substantially withdrawn.
Significant further decrease in Western investment would deepen Iran's economic crisis,
and could force the regime to stop its nuclear activities or risk its own downfall.
2. Divestment le2islation is sweepin2 the country
Billions of dollars of U.S public employee pension plans and other public funds are
still invested in foreign corporations that invest more than $20 million in Iran's energy
sector-accounting for a significant portion of the investment in these corporations, Public
fund divestment is an important way to tighten the economic noose around Iran's regime.
In the last few months, a wave ofIran divestment legislation has been rippling across the
country. Governor Schwarzenegger signed a law requiring California's public pension funds to
divest from companies doing major business in Iran's energy or defense sectors The California
funds are the largest in the country-probably in the world-with some $400 billion in assets.
Florida and Illinois also passed mandatory divestment legislation, and Louisiana passed a
non-binding law. The Speaker of Ohio's House reached a divestment deal with the state's public
pension funds-they must divest 50% of their targeted holdings by year's end or face mandatory
legislation.
Florida was the very first state to pass a divestment law regarding both Iran and
Sudan. It already has identified the 21 companies in its portfolio that meet its divestment
criteria; it has directed its pension funds to divest nearly $1.3 billion from these companies,
unless the companies change their ways. Florida holds over $300 million in Shell Oil alone;
a Shell spokeswoman acknowledged that the company is closely monitoring the impact of
Florida's law and similar initiatives on the company.
Texas Governor Rick Perry has directed his state's huge retirement funds-with over
$133 billion in assets-to begin the process of Iran divestment. The Governor said: "I know
there will be criticism of my directive..., I refuse to accept the premise, however, that the only
way to make money is by investing in terrorism."
Missouri State Treasurer Steelman led the country in instituting terror-free divestment
policies. She also established the nation's first terror-free public fund In its first eight months,
the fund returned 2 7%-significantly outperforming its past track record and Missouri's
benchmark.
Iran divestment legislation already is pending in another half-dozen states, with others
expected to take bills up soon. Local governments-like the cities of Miami, Miami Beach
and Beverly Hills-also are acting.
Taken together, the divestment mandates already on the books affect over half a
trillion dollars in assets-and more are on the way. This should help move the investment
industry to create Iran-free investment vehicles, and help motivate foreign corporations to further
reduce business that helps sustain Iran's regime-especially because most of the laws require
the states to give companies an opportunity to avoid divestment by terminating their
sanctionable investments.
State and local governments can make a huge difference by assuring that their
public funds are not invested in companies that help support Iran's regime. They can
thereby add to the power of the divestment movement and contribute to the overall
economic squeeze on Iran's frightful regime-an important element in the effort to stop the
looming Iranian threat.
2
"
IRAN DIVESTMENT ADVOCACY
MODEL RESOLUTION
RESOLUTION NO.
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
, FLORIDA, AMENDING THE CITY'S INVESTMENT POLICY
TO REQUIRE THE [NAME OF BOARD MANAGING FUND(S)] TO: (i) (A)
REVIEW THE PUBLIC FUNDS THAT THE CITY MANAGES AND IDENTIFY
ALL PUBLICLY TRADED SECURITIES THEY MAY HOLD IN
"SCRUTINIZED COMPANIES" WITH ACTIVE BUSINESS OPERATIONS IN
IRAN, AS LISTED BY THE STATE BOARD OF ADMINISTRATION, IN
ACCORDANCE WITH THE PROVISIONS OF THE STATE'S "PROTECTING
FLORIDA'S INVESTMENT ACT" (CHAPTER 2007-88, LAWS OF FLORIDA);
(B) WRITE A LETTER TO EACH OF THOSE COMPANIES ASKING IT TO
CEASE OR INACTIVATE ITS SCRUTINIZED ACTIVITIES WITHIN 90 DAYS
TO A VOID DIVESTMENT BY THE fNAME OF FUND/PENSION PLAN1; AND
(C) THEREAFTER, DIVEST OF ALL PUBLICLY TRADED SECURITIES THEY
MAY HOLD IN ANY SCRUTINIZED COMPANY THAT HAS NOT DIVESTED
OR INACTIVATED ITS SCRUTINIZED ACTIVITIES; AND (ii) PROHIBIT THE
INVESTMENT OF PUBLIC FUNDS MANAGED BY THE CITY IN ANY
"SCRUTINIZED COMPANIES" WITH ACTIVE BUSINESS OPERATIONS IN
IRAN, AS LISTED BY THE STATE BOARD OF ADMINISTRATION ON A
QUARTERLY BASIS, IN ACCORDANCE WITH THE PROVISIONS OF THE
STATE'S "PROTECTING FLORIDA'S INVESTMENT ACT" (CHAPTER 2007-
88, LAWS OF FLORIDA)
WHEREAS, Senate Bill 2142 created Sections 215.442 and 215.473, Florida
Statutes, referred to as the "Protecting Florida's Investment Act" ("Act"); and
WHEREAS the Act requires the State Board of Administration ("SBA") to create
a quarterly report listing all investments held by the "Public Fund," which it defines as all
funds, assets, trustees and other designates under the SBA ; and
WHEREAS, the Act requires the SBA to assemble a list of "scrutinized
companies" and update it quarterly; and
WHEREAS, the Act defines a "scrutinized company" to include any company
that has oil-related business operations or investments in Iran that meet specified criteria;
and
WHEREAS the Act requires the SBA, within 90 days of enactment, to make its
best efforts to identify "scrutinized companies" in which the Public Fund has direct or
indirect holdings, or could possibly have such holdings in the future and, by the next
meeting of the Public Fund, to provide a list of such scrutinized companies; and
WHEREAS the Act requires the Public Fund to encourage scrutinized companies
a to cease or inactivate their scrutinized activities within 90 days to avoid divestment by
the Public Fund; and
WHEREAS, after the ninety day period, the Act gives the Public Fund one year to
divest of all publicly traded securities of a scrutinized company that has not divested or
inactivated its scrutinized activities; and
WHEREAS, the Act prohibits the Public Fund from acquiring securities of any
companies on the scrutinized companies list that have active business operations in Iran,
with certain exceptions; and
WHEREAS, as the Act indicates, the US. Securities and Exchange Commission
has determined that investment in a company doing business with a state that sponsors
terrorism poses a special risk; and
WHEREAS, as the Act notes, UN. and US. sanctions against Iran create
financial risks for companies involved in Iran's energy sector; and
WHEREAS, the City of _ shares the State of Florida's deep concern that
investments in publicly traded companies with business activities in and ties to Iran's
petroleum-energy sector pose a financial risk to shareholders; and
WHEREAS, the City of _agrees with the State of Florida's concern, that by
investing in publicly traded companies having ties to Iran's petroleum-energy sector, the
City of _ is putting the funds it oversees at substantial financial risk; and
WHEREAS, as the State of Florida noted in the Act, divestiture from markets that
are vulnerable to embargo, loan restrictions and sanctions from the United States and the
international community, including the United Nations Security Council, is consistent
with the rules of prudence; and
WHEREAS, to protect the City of _' s assets, it is in the best interest of the
City-consistent with the State's decision in the Act-to amend the City's investment
policy to (i) require the [fund managers/Board] to follow, with respect to the [name of the
fund/pension plan], the procedure described in Florida Statutes 215.442 and 215.473 for
State Public Funds (specifically, the [name of the fund/pension plan] shall: (a) identify all
publicly traded securities it holds in "scrutinized companies" with active business
operations in Iran, as listed by the State Board of Administration on a quarterly basis, (b)
write a letter to each of those companies asking it to cease or inactivate its scrutinized
activities within 90 days to avoid divestment by the [name of fund/pension plan] and (c)
thereafter, divest of all publicly traded securities of any scrutinized company that has not
divested or inactivated its scrutinized activities); and (ii) desist from investing public
funds managed by the City in any "scrutinized companies" with active business
operations in Iran, as listed by the State Board of Administration on a quarterly basis, in
accordance with the provisions of the Act
NOW, THEREFORE, BE IT DULY RESOLVED THAT THE CITY
COJ\1MISSION OF THE CITY OF _, FLORIDA, hereby amend the City's
investment policy to (i) require the [fund manager/Board] to follow, with respect to the
2
[name of the fund/pension plan] the procedure described in Florida Statutes 215.442 and
215.473 (specifically, the [name of the fund/pension plan] shall: (a) identify all publicly
traded securities it holds in "scrutinized companies" with active business operations in
Iran, as listed by the State Board of Administration on a quarterly basis, in accordance
with the provisions of the Act (b) write a letter to each of those companies asking it to
cease or inactivate its scrutinized activities within 90 days to avoid divestment by the
[name of fund/pension plan] and (c) thereafter, divest of all publicly traded securities of
any scrutinized company that has not divested or inactivated its scrutinized activities);
and (ii) prohibit the investment of public funds in any "scrutinized companies" with
active business operations in Iran, as listed by the State Board of Administration on a
quarterly basis, in accordance with the provisions of the Act.
PASSED and ADOPTED this
day of
,2007
MAYOR
ATTEST:
CITY CLERK
APPROVED AS TO FORM AND CORRECTN"ESS:
CITY ATTORNEY
3
IRAN DIVESTMENT ADVOCACY
STATE OF FLORIDA LEGISLATION
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A bill to be entitled
An act relating to State Board of Administration
investments; creating s. 215.442, F.S.; providing
reporting requirements for the executive director of the
State Board of Administration; requiring the State Board
of Administration to publish certain quarterly reports on
its website; creating s. 215.473, F.S.; providing
legislative findings; providing definitions; requiring the
State Board of Administration to identify all companies in
which public moneys are invested that are doing certain
types of business in or with Sudan and Iran; requiring the
board to create and maintain certain scrutinized companies
lists that name all such companies; requiring the board to
periodically contact all scrutinized companies and
encourage them to refrain from engaging in certain types
of business in or with Sudan or Iran; requiring the board
to inform scrutinized companies of their status as a
scrutinized company and to ask for clarification as to the
nature of each company's business activities; providing
that a company may be removed from the list under certain
conditions; providing for reintroduction of a company onto
the list; requiring the board to divest of all publicly
traded securities of a scrutinized company under certain
conditions; providing exceptions to the divestment
requirement; prohibiting the board from acquiring
securities of scrutinized companies that have active
business operations; providing exceptions to the
investment prohibition; providing an additional exception
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29 from the divestment requirement and the investment
30 prohibition to certain indirect holdings in actively
31 managed investment funds; requiring the board to request
32 that the managers of such investment funds consider
33 removing scrutinized companies from the fund or create a
34 similar fund that excludes such companies; requiring the
35 board to file a report with the Board of Trustees of the
36 State Board of Administration and the Legislature within a
37 specified period after creation of each scrutinized
38 companies list; requiring the annual filing of an updated
39 report; requiring that all such reports be made available
40 to the public; requiring that the report include certain
41 information; providing for the expiration of the act;
42 exempting the board from certain statutory or common law
43 obligations; authorizing the board to cease divesting or
44 to reinvest in certain scrutinized companies if the value
45 for all assets under management by the board becomes equal
46 to or less than a specified amount; requiring the board to
47 provide a written report to the Board of Trustees of the
48 State Board of Administration and the Legislature before
49 such r€investment; requiring that the report contain
50 certain information; requiring semiannual updates to such
51 reports when applicable; providing for severability;
52 providing an effective date.
53
54 WHEREAS, on July 23, 2004, the United States Congress
55 declared that "the atrocities unfolding in Darfur, Sudan, are
56 genocide," and
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57 WHEREAS, on December 7, 2004, the United States Congress
58 noted that the genocidal policy in Darfur has led to reports of
59 "systematic rape of thousands of women and girls, the abduction
60 of women and children, and the destruction of hundreds of
61 ethnically African villages, including the poisoning of their
62 wells and the plunder of their crops and cattle upon which the
63 people of such villages sustain themselves," and
64 WHEREAS, on December 7, 2004, Congress found that "the
65 Government of Sudan has restricted access by humanitarian and
66 human rights workers to the Darfur area through intimidation by
67 military and security forces, and through bureaucratic and
68 administrative obstruction, in an attempt to inflict the most
69 devastating harm on those individuals displaced from their
70 villages and homes without any means of sustenance or shelter, 11
71 and
72 WHEREAS, on September 25, 2006, Congress reaffirmed that
73 "the genocide unfolding in the Darfur region of Sudan is
74 characterized by acts of terrorism and atrocities directed
75 against civilians, including mass murder, rape, and sexual
76 violence committed by the Janjaweed and associated militias with
77 the complicity and support of the National Congress Party-led
78 faction of the Government of Sudan," and
79 WHEREAS, on September 26, 2006, the United States House of
80 Representatives stated that "an estimated 300,000 to 400,000
81 people have been killed by the Government of Sudan and its
82 Janjaweed allies since the crisis began in 2003, more than
83 2,000,000 people have been displaced from their homes, and more
84 than 250,000 people from Darfur remain in refugee camps in
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85 Chad," and
86 WHEREAS, the Darfur crisis represents the first time the
87 United States Government has labeled ongoing atrocities as
88 genocide, and
89 WHEREAS, the Federal Government has imposed sanctions
90 against the Government of Sudan since 1997. These sanctions are
91 monitored through the United States Treasury Department's Office
92 of Foreign Assets Control (OFAC), and
93 WHEREAS, according to a former chair of the United States
94 Securities and Exchange Commission, "the fact that a foreign
95 company is doing material business with a country, government,
96 or entity on OFAC's sanctions list is, in the SEC staff's view,
97 substantially likely to be significant to a reasonable
98 investor I s decision about whether to invest in that company, II
99 and
100 WHEREAS, since 1993, the United States Secretary of State
101 has determined that Sudan is a country whose government has
102 repeatedly provided support for acts of international terrorism,
103 and, as a result, the United States has restricted assistance,
104 defense exports, defense sales, financial transactions, and
105 various other transactions with the Government of Sudan, and
106 WHEREAS, a 2006 report by the United States House of
107 Representatives states that "a company's association with
108 sponsors of terrorism and human rights abuses, no matter how
109 large or small, can have a materially adverse result on a public
110 company's operations, financial condition, earnings, and stock
III prices, all of which can negatively affect the value of an
112 investment," and
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113 WHEREAS, in response to the financial risk posed by
114 investments in companies doing business with a state that
115 sponsors terrorists, the Securities and Exchange Commission
116 established its Office of Global Security Risk to provide for
117 enhanced disclosure of material information regarding such
118 companies, and
119 WHEREAS, the current Sudan divestment movement encompasses
120 nearly 100 universities, municipalities, states, and private
121 pension plans, and
122 WHEREAS, companies facing such widespread divestment
123 present further material risk to remaining investors, and
124 WHEREAS, it is a fundamental responsibility of the State of
125 Florida to decide where, how, and by whom financial resources in
126 its control should be invested, taking into account numerous
127 pertinent factors, and
128 WHEREAS, it is the prerogative and desire of the State of
129 Florida, with respect to investment resources in its control and
130 to the extent reasonable, with due consideration for return on
131 investment on behalf of the state and its investment
132 beneficiaries, not to participate in an ownership or capital-
133 providing capacity with entities that provide significant
134 practical support for genocide, including certain non-United
135 States companies presently doing business in Sudan, and
136 WHEREAS, a resolution of the United Nations Security
137 Council imposes sanctions on Iran for its failure to suspend its
138 uranium-enrichment activities, and
139 WHEREAS, the United Nations Security Council voted
140 unanimously for an additional embargo on Iranian arms exports,
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141 which is a freeze on assets abroad of an expanded list of
142 individuals and companies involved in Iran's nuclear and
143 ballistic missile programs, and calls for nations and
144 institutions to bar new grants or loans to Iran except for
145 humanitarian and developmental purposes, and
146 WHEREAS, Iran's financial ability to pay its debts to
147 foreign entities involved in the petroleum-energy sector
148 amounting to more than $20 million is put at risk by the Iran
149 and Libya Sanctions Act embargo and sanctions, and
150 WHEREAS, foreign entities have invested in Iran's
151 petroleum-energy sector despite United States and United Nations
152 sanctions against Iran, and
153 WHEREAS, all United States and foreign entities that have
154 invested more than $20 million in Iran's energy sector since
155 August 5, 1996, are subject to sanctions under United States law
156 pursuant to the Iran and Libya Sanctions Act of 1996, and
157 WHEREAS, United States renewed the Iran and Libya Sanctions
158 Act of 1996 in 2001 and 2006, and
159 WHEREAS, while divestiture should be considered with the
160 intent to improve investment performance and, by the rules of
161 prudence, fiduciaries must take into account all relevant
162 substantive factors in arriving at an investment decision, and
163 WHEREAS, the State of Florida is deeply concerned about
164 investments in publicly traded companies that have business
165 activities in and ties to Iran's petroleum-energy sector as a
166 financial risk to the shareholders, and
167 WHEREAS, by investing in publicly traded companies having
168 ties to Iran's petroleum-energy sector, the Florida State Board
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169 of Administration is putting the funds it oversees at
170 substantial financial risk, and
171 WHEREAS, divestiture from markets that are vulnerable to
172 embargo, loan restrictions, and sanctions from the United States
173 and the international community, including the United Nations
174 Security Council, is in accordance with the rules of prudence,
175 and
176 WHEREAS, The Legislature finds that this act should remain
177 in effect only insofar as it continues to be consistent with and
178 does not unduly interfere with the foreign policy of the United
179 States as determined by the Federal Government, and
180 WHEREAS, to protect Florida's assets, it is in the best
181 interest of the state to enact a statutory prohibition regarding
182 the investments managed by the State Board of Administration
183 doing business in Sudan or in Iran's petroleum-energy sector,
184 NOW, THEREFORE,
185
186 Be It Enacted by the Legislature of the State of Florida:
187
188 Section 1. Section 215.442, Florida Statutes, is created
189 to read:
190 215.442 Executive director; reporting requirements; public
191 meeting. --
192 (1) Beginning October 2007 and quarterly thereafter, the
193 executive director shall present to the Board of Trustees of the
194 State Board of Administration a quarterly report to include the
195 following:
196 (a) The name of each equity in which the State Board of
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197 Administration has invested for the quarter.
198 (b) The industry category of each equity.
199 (2) The executive director shall present each quarterly
200 report at a meeting of the board of trustees, which shall be
201 open and noticed to the public pursuant to the requirements of
202 s. 286.011 and s. 24(b), Art. I of the State Constitution.
203 (3) The State Board of Administration shall publish a copy
204 of each quarterly report on its website prior to presenting the
205 report at each quarterly meeting of the board of trustees.
206 Section 2. Section 215.473, Florida Statutes, is created
207 to read:
208 215.473 Divestiture by the State Board of Administration;
209 Sudan; Iran. --
210 (1) DEFINITIONS.--As used in this section, the term:
211 (a) "Active business operations" means all business
212 operations that are not inactive business operations.
213 (b) "Business operations" means engaging in commerce in
214 any form in Sudan or Iran, including, but not limited to,
215 acquiring, developing, maintaining, owning, selling, possessing,
216 leasing, or operating equipment, facilities, personnel,
217 products, services, personal property, real property, or any
218 other apparatus of business or commerce.
219 (c) "Company" means any sole proprietorship, organization,
220 association, corporation, partnership, joint venture, limited
221 partnership, limited liability partnership, limited liability
222 company, or other entity or business association, including all
223 wholly owned subsidiaries, majority-owned subsidiaries, parent
224 companies, or affiliates of such entities or business
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225 associations, that exists for the purpose of making a profit.
226 (d) "Complicit" means taking actions during any preceding
227 20-month period which have directly supported or promoted the
228 genocidal campaign in Darfur, including, but not limited to,
229 preventing Darfur's victimized population from communicating
230 with each other, encouraging Sudanese citizens to speak out
231 against an internationally approved security force for Darfur,
232 actively working to deny, cover up, or alter the record on human
233 rights abuses in Darfur, or other similar actions.
234 (e) "Direct holdings" in a company means all securities of
235 that company that are held directly by the public fund or in an
236 account or fund in which the public fund owns all shares or
237 interests.
238 (f) "Government of Iran" means the government of Iran, its
239 instrumentalities, and companies owned or controlled by the
240 government of Iran.
241 (g) "Government of Sudan" means the government in
242 Khartoum, Sudan, that is led by the National Congress Party,
243 formerly known as the National Islamic Front, or any successor
244 government formed on or after October 13, 2006, including the
245 coalition National Unity Government agreed upon in the
246 Comprehensive Peace Agreement for Sudan, and does not include
247 the regional government of southern Sudan.
248 (h) "Inactive business operations" means the mere
249 continued holding or renewal of rights to property previously
250 operated for the purpose of generating revenues but not
251 presently deployed for such purpose.
252 (i) "Indirect holdings" in a company means all securities
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253 of that company that are held in an account or fund, such as a
254 mutual fund, managed by one or more persons not employed by the
255 public fund, in which the public fund owns shares or interests
256 together with other investors not subject to the provisions of
257 this section.
258 (j)" Iran" means the Islamic Republic of Iran.
259 (k) "Marginalized populations of Sudan" include, but are
260 not limited to, the portion of the population in the Darfur
261 region that has been genocidally victimized; the portion of the
262 population of southern Sudan victimized by Sudan's north-south
263 civil war; the Beja, Rashidiya, and other similarly underserved
264 groups of eastern Sudan; the Nubian and other similarly
265 underserved groups in Sudan's Abyei, Southern Blue Nile, and
266 Nuba Mountain regions; and the Amri, Hamadab, Manasir, and other
267 similarly underserved groups of northern Sudan.
268 (1) "Military equipment" means weapons, arms, military
269 supplies, and equipment that may readily be used for military
270 purposes, including, but not limited to, radar systems,
271 military-grade transport vehicles, or supplies or services sold
272 or provided directly or indirectly to any force actively
273 participating in armed conflict in Sudan.
274 (m) "Mineral-extraction activities" include the exploring,
275 extracting, processing, transporting, or wholesale selling or
276 trading of elemental minerals or associated metal alloys or
277 oxides (ore), including gold, copper, chromium, chromite,
278 diamonds, iron, iron ore, silver, tungsten, uranium, and zinc,
279 as well as facilitating such activities, including providing
280 supplies or services in support of such activities.
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281 (n) "Oil-related activities" include, but are not limited
282 to, owning rights to oil blocks; exporting, extracting,
283 producing, refining, processing, exploring for, transporting,
284 selling, or trading of oil; constructing, maintaining, or
285 operating a pipeline, refinery, or other oil-field
286 infrastructure; and facilitating such activities, including
287 providing supplies or services in support of such activities,
288 except that the mere retail sale of gasoline and related
289 consumer products is not considered an oil-related activity.
290 (0) "Petroleum resources" means petroleum, petroleum
291 byproducts, or natural gas.
292 (p) "Power-production activities" means any business
293 operation that involves a project commissioned by the National
294 Electricity Corporation (NEC) of Sudan or other similar entity
295 of the Government of Sudan whose purpose is to facilitate power
296 generation and delivery, including, but not limited to,
297 establishing power-generating plants or hydroelectric dams,
298 selling or installing components for the project, providing
299 service contracts related to the installation or maintenance of
300 the project, as well as facilitating such activities, including
301 providing supplies or services in support of such activities.
302 (q) "Public fund" means all funds, assets, trustees, and
303 other designates under the State Board of Administration
304 pursuant to chapter 121.
305 (r) "Scrutinized active business operations" means active
306 business operations that have resulted in a company becoming a
307 scrutinized company.
308 (s) "Scrutinized business operations" means business
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309 operations that have resulted in a company becoming a
310 scrutinized company.
311 (t) "Scrutinized company" means any company that meets any
312 of the following criteria:
313 1. The company has business operations that involve
314 contracts with or provision of supplies or services to the
315 Government of Sudan, companies in which the Government of Sudan
316 has any direct or indirect equity share, consortiums or projects
317 commissioned by the Government of Sudan, or companies involved
318 in consortiums or projects commissioned by the Government of
319 Sudan, and:
320 a. More than 10 percent of the company's revenues or
321 assets linked to Sudan involve oil-related activities or
322 mineral-extraction activities, less than 75 percent of the
323 company's revenues or assets linked to Sudan involve contracts
324 with or provision of oil-related or mineral-extracting products
325 or services to the regional government of southern Sudan or a
326 project or consortium created exclusively by that regional
327 government, and the company has failed to take substantial
328 action; or
329 b. More than 10 percent of the company's revenues or
330 assets linked to Sudan involve power-production activitiesr less
331 than 75 percent of the company's power-production activities
332 include projects whose intent is to provide power or electricity
333 to the marginalized populations of Sudan, and the company has
334 failed to take substantial action.
335 2. The company is complicit in the Darfur genocide.
336 3. The company supplies military equipment within Sudan,
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337 unless it clearly shows that the military equipment cannot be
338 used to facilitate offensive military actions in Sudan or the
339 company implements rigorous and verifiable safeguards to prevent
340 use of that equipment by forces actively participating in armed
341 conflict. Examples of safeguards include post-sale tracking of
342 such equipment by the company, certification from a reputable
343 and obj ective third party that such equipment is not being used
344 by a party participating in armed conflict in Sudan, or sale of
345 such equipment solely to the regional government of southern
346 Sudan or any internationally recognized peacekeeping force or
347 humanitarian organization.
348 4. The company has business operations that involve
349 contracts with or provision of supplies or services to the
350 Government of Iran, companies in which the Government of Iran
351 has any direct or indirect equity share, consortiums or projects
352 commissioned by the Government of Iran, or companies involved in
353 consortiums or projects commissioned by the Government of Iran
354 and:
355 a. More than 10 percent of the company's total revenues or
356 assets are linked to Iran and involve oil-related activities or
357 mineral-extraction activities, and the company has failed to
358 take substantial action; or
359 b. The company has, with actual knowledge, on or after
360 August 5, 1996, made an investment of $20 million or more, or
361 any combination of investments of at least $10 million each
362 which in the aggregate equals or exceeds $20 million in any 12-
363 month period, that directly or significantly contributes to the
364 enhancement of Iran's ability to. develop the petroleum resources
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365 of Iran.
366 (u) "Social-development company" means a company whose
367 primary purpose in Sudan is to provide humanitarian goods or
368 services, including medicine or medical equipment; agricultural
369 supplies or infrastructure; educational opportunities;
370 journalism-related activities; information or information
371 materials; spiritual-related activities; services of a purely
372 clerical or reporting nature; food, clothing, or general
373 consumer goods that are unrelated to oil-related activities;
374 mineral-extraction activities; or power-production activities.
375 (v) "Substantial action specific to Iran" means adopting,
376 publicizing, and implementing a formal plan to cease scrutinized
377 business operations within 1 year and to refrain from any such
378 new business operations.
379 (w) "Substantial action specific to Sudan" means adopting,
380 publicizing, and implementing a formal plan to cease scrutinized
381 business operations within 1 year and to refrain from any such
382 new business operations; undertaking humanitarian efforts in
383 conjunction with an international organization, the Government
384 of Sudan, the regional government of Southern Sudan, or a
385 nonprofit entity evaluated and certified by an independent third
386 party to be substantially in a relationship to the company's
387 Sudan business operations and of benefit to one or more
388 marginalized populations of Sudan; or, through engagement. with
389 the Government of Sudan, materially improving conditions for the
390 genocidally victimized population in Darfur.
391 (2) IDENTIFICATION OF COMPANIES.--
392 (a) Within 90 days after the effective date of this act,
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393 the public fund shall make its best efforts to identify all
394 scrutinized companies in which the public fund has direct or
395 indirect holdings or could possibly have such holdings in the
396 future. Such efforts include:
397 1. Reviewing and relying, as appropriate in the public
398 fund's judgment, on publicly available information regarding
399 companies having business operations in Sudan, including
400 information provided by nonprofit organizations, research firms,
401 international organizations, and government entities.
402 2. Contacting asset managers contracted by the public fund
403 that invest in companies having business operations in Sudan.
404 3. Contacting other institutional investors that have
405 divested from or engaged with companies that have business
406 operations in Sudan.
407 4. Reviewing laws of the United States regarding the
408 levels of business activity that would cause application of
409 sanctions for companies conducting business or investing in
410 countries that are designated state sponsors of terror.
411 (b) By the first meeting of the public fund following the
412 90-day period described in paragraph (a), the public fund shall
413 assemble all scrutinized companies that fit criteria specified
414 in subparagraphs (1) (t)l., 2., and 3. into a "Scrutinized
415 Companies with Activities in Sudan List" and shall assemble all
416 scrutinized companies that fit criteria specified in
417 subparagraph (1) (t)4. into a "Scrutinized Companies with
418 Activities in the Iran Petroleum Energy Sector List. "
419 (c) The public fund shall update and make publicly
420 available each quarter the Scrutinized Companies with Activities
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421 in Sudan List and the Scrutinized Companies with Activities in
422 the Iran Petroleum Energy Sector List based on evolving
423 information from, among other sources, those listed in paragraph
424 (a) .
425 (d) Notwithstanding the provisions of this section, a
426 social-development company that is not complicit in the Darfur
427 genocide is not considered a scrutinized company under
428 subparagraph (1) (t)l., subparagraph (1) (t)2., or subparagraph
429 (1)(t)3.
430 (3) REQUIRED ACTIONS.--The public fund shall adhere to the
431 following procedure for assembling companies on the Scrutinized
432 Companies with Activities in Sudan List and the Scrutinized
433 Companies with Activities in the Iran Petroleum Energy Sector
434 List:
435 (a) Engagement.--
436 1. The public fund shall immediately determine the
437 companies on the Scrutinized Companies with Activities in Sudan
438 List and the Scrutinized Companies with Activities in the Iran
439 Petroleum Energy Sector List in which the public fund owns
440 direct or indirect holdings.
441 2. For each company identified in this paragraph that has
442 only inactive business operations, the public fund shall send a
443 written notice informing the company of this section and
444 encouraging it to continue to refrain from initiating active
445 business operations in Sudan or Iran until it is able to avoid
446 scrutinized business operations. The public fund shall continue
447 such correspondence semiannually.
448 3. For each company newly identified under this paragraph
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449 that has active business operations, the public fund shall send
450 a written notice informing the company of its scrutinized
451 company status and that it may become subject to divestment by
452 the public fund. The notice must inform the company of the
453 opportunity to clarify its Sudan-related or Iran-related
454 activities and encourage the company, within 90 days, to cease
455 its scrutinized business operations or convert such operations
456 to inactive business operations in order to avoid qualifying for
457 divestment by the public fund.
458 4. If, within 90 days after the public fund's first
459 engagement with a company pursuant to this paragraph, that
460 company ceases scrutinized business operations, the company
461 shall be removed from the Scrutinized Companies with Activities
462 in Sudan List and the Scrutinized Companies with Activities in
463 the Iran Petroleum Energy Sector List, and the provisions of
464 this section shall cease to apply to that company unless that
465 company resumes scrutinized business operations. If, within 90
466 days after the public fund's first engagement, the company
467 converts its scrutinized active business operations to inactive
468 business operations, the company is subject to all provisions
469 relating to inactive business operations. A company may be
470 removed from one list but remain on the other list, in which
471 case the company shall be subject to the provisions applicable
472 to the list on which the company remains.
473 (b) Divestment.--
474 1. If, after 90 days following the public fund's first
475 engagement with a company pursuant to paragraph (a), the company
476 continues to have scrutinized active business operations, and
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only while such company continues to have scrutinized active
business operations, the public fund shall sell, redeem, divest,
or withdraw all publicly traded securities of the company,
except as provided in paragraph (d), from the public fundts
assets under management within 12 months after the company's
most recent appearance on the Scrutinized Companies with
Activities in Sudan List or on the Scrutinized Companies with
Activities in the Iran Petroleum Energy Sector List.
2. If a company that ceased scrutinized active business
operations following engagement pursuant to paragraph (a)
resumes such operations, this paragraph immediately applies, and
the public fund shall send a written notice to the company. The
company shall also be immediately reintroduced onto the
Scrutinized Companies with Activities in Sudan List or on the
Scrutinized Companies with Activities in the Iran Petroleum
Energy Sector List, as applicable.
(c) Prohibition.--The public fund may not acquire
securities of companies on the Scrutinized Companies with
Activities in Sudan List or the Scrutinized Companies with
Activities in the Iran Petroleum Energy Sector List that have
active business operations, except as provided in paragraph (d).
(d) Exemption.--A company that the United States
Government affirmatively declares to be excluded from its
present or any future federal sanctions regime relating to Sudan
or Iran is not subject to divestment or the investment
prohibition pursuant to paragraphs (b) and (c).
(e) Excluded securities.--Notwithstanding the provisions
of this section, paragraphs (b) and (c) do not apply to indirect
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505 holdings in actively managed investment funds. However, the
506 public fund shall submit letters to the managers of such
507 investment funds containing companies that have scrutinized
508 active business operations requesting that they consider
509 removing such companies from the fund or create a similar
510 actively managed fund having indirect holdings devoid of such
511 companies. If the manager creates a similar fund, the public
512 fund shall replace all applicable investments with investments
513 in the similar fund in an expedited timeframe consistent with
514 prudent investing standards. For the purposes of this section, a
515 private equity fund is deemed to be an actively managed
516 investment fund.
517 (f) Further exclusions.--Notwithstanding any other
518 provision of this section, the public fund, when discharging its
519 responsibility for operation of a defined contribution plan,
520 shall engage the manager of the investment offerings in such
521 plans requesting that they consider removing scrutinized
522 companies from the investment offerings or create an alternative
523 investment offering devoid of scrutinized companies. If the
524 manager creates an alternative investment offering and the
525 offering is deemed by the public fund to be consistent with
526 prudent investor standards, the public fund shall consider
527 including such investment offering in the plan.
528 (4) REPORTING.--
529 (a) The public fund shall file a report with each member
530 of the Board of Trustees of the State Board of Administration,
531 the President of the Senate, and the Speaker of the House of
532 Representatives that includes the Scrutinized Companies with
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533 Activities in Sudan List and the Scrutinized Companies with
534 Activities in the Iran Petroleum Energy Sector List within 30
535 days after the list is created. This report shall be made
536 available to the public.
537 (b) At each quarterly meeting of the board of trustees,
538 the public fund shall file a report, which shall be made
539 available to the public and to each member of the Board of
540 Trustees of the State Board of Administration, the President of
541 the Senate, and the Speaker of the House of Representatives, and
542 send a copy of that report to the United States Presidential
543 Special Envoy to Sudan and the united States Presidential
544 Special Envoy to Iran, or an appropriate designee or successor,
545 which includes:
546 1. A summary of correspondence with companies engaged by
547 the public fund under subparagraphs (3) (a)2. and 3.
548 2. All investments sold, redeemed, divested, or withdrawn
549 in compliance with paragraph (3) (b).
550 3. All prohibited investments under paragraph (3) (c).
551 4. Any progress made under paragraph (3) (e) .
552 5. A list of all publicly traded securities held directly
553 by this state.
554 (5) EXPlRATION.--This section expires upon the occurrence
555 of all of the following:
556 (a) If any of the following occurs, the public fund shall
557 no longer scrutinize companies according to subparagraphs
558 (1) (t)l., 2., and 3. and shall no longer assemble the
559 Scrutinized Companies with Activities in Sudan List, shall cease
560 engagement and divestment of such companies, and may reinvest in
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561 such companies as long as such companies do not satisfy the
562 criteria for inclusion in the Scrutinized Companies with
563 Activities in the Iran Petroleum Energy Sector List:
564 1. The Congress or the President of the United States
565 affirmatively and unambiguously states, by means of, including,
566 but not limited to, legislation, executive order, or written
567 certification from the President to the Congress, that the
568 Darfur genocide has been halted for at least 12 months;
569 2. The United States revokes all sanctions imposed against
570 the Government of Sudan;
571 3. The Congress or the President of the United States
572 affirmatively and unambiguously states, by means of, including,
573 but not limited to, legislation, executive order, or written
574 certification from the President to the Congress, that the
575 Government of Sudan has honored its commitments to cease attacks
576 on civilians, demobilize and demilitarize the Janjaweed and
577 associated militias, grant free and unfettered access for
578 deliveries of humanitarian assistance, and allow for the safe
579 and voluntary return of refugees and internally displaced
580 persons; or
581 4. The Congress or the President of the United States
582 affirmatively and unambiguously states, by means of, including,
583 but not limited to, legislation, executive order, or written
584 certification from the President to the Congress, that mandatory
585 divestment of the type provided for in this section interferes
586 with the conduct of United States foreign policy.
587 (b) If any of the following occurs, the public fund shall
588 no longer scrutinize companies according to subparagraph
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589 (1) (t) 4. and shall no longer assemble the Scrutinized Companies
590 with Activities in the Iran Petroleum Energy Sector List and
591 shall cease engagement, investment prohibitions, and divestment.
592 The public fund may reinvest in such companies as long as such
593 companies do not satisfy the criteria for inclusion in the
594 Scrutinized Companies with Activities in Sudan List:
595 1. The Congress or the President of the united States
596 affirmatively and unambiguously states, by means of, including,
597 but not limited to, legislation, executive order, or written
598 certification from the President to the Congress, that the
599 Government of Iran has ceased to acquire weapons of mass
600 destruction and support international terrorism;
601 2. The United States revokes all sanctions imposed against
602 the Government of Iran; or
603 3. The Congress or the President of the United States
604 affirmatively and unambiguously declares, by means including,
605 but not limited to, legislation, executive order, or written
606 certification from the President to the Congress, that mandatory
607 divestment of the type provided for in this section interferes
608 with the conduct of United States foreign policy.
609 (6) OTHER LEGAL OBLIGATIONS.--With respect to actions
610 taken in compliance with this section, including all good faith
611 determinations regarding companies as required by this section,
612 the public fund is exempt from any conflicting statutory or
613 common law obligations, including any such obligations with
614 respect to choice of asset managers, investment funds, or
615 investments for the public fund's securities portfolios.
616 (7) REINVESTMENT IN CERTAIN COMPANIES HAVING SCRUTINIZED
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617 ACTIVE BUSINESS OPERATIONS.--Notwithstanding any other provision
618 of this section to the contrary, the public fund may cease
619 divesting from certain scrutinized companies pursuant to
620 paragraph (3) (b) or reinvest in certain scrutinized companies
621 from which it divested pursuant to paragraph (3) (b) if clear and
622 convincing evidence shows that the value of all assets under
623 management by the public fund becomes equal to or less than
624 99.50 percent, or 50 basis points, of the hypothetical value of
625 all assets under management by the public fund assuming no
626 divestment for any company had occurred under paragraph (3) (b)
627 Cessation of divestment, reinvestment, or any subsequent ongoing
628 investment authorized by this section is limited to the minimum
629 steps necessary to avoid the contingency set forth in this
630 subsection or that no divestment of any company is required for
631 less than fair value. For any cessation of divestment,
632 reinvestment, or subsequent ongoing investment authorized by
633 this section, the public fund shall provide a written report to
634 each member of the Board of Trustees of the State Board of
635 Administration, the President of the Senate, and the Speaker of
636 the House of Representatives in advance of initial reinvestment,
637 updated semiannually thereafter as applicable, setting forth the
638 reasons and justification, supported by clear and convincing
639 evidence, for its decisions to cease divestment, reinvest, or
640 remain invested in companies having scrutinized active business
641 operations. This section does not apply to reinvestment in
642 companies on the grounds that they have ceased to have
643 scrutinized active business operations.
644 Section 3. If any provision of this act or its application
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645 to any person or circumstance is held invalid, the invalidity
646 does not affect other provisions or applications of the act that
647 can be given effect without the invalid provision or
648 application, and to this end the provisions of this act are
649 severable. The Legislature hereby declares that it would have
650 passed this act and, each provision of this act, irrespective of
651 the fact that anyone or more provisions of this act might be
652 declared invalid, illegal, unenforceable, or unconstitutional,
653 including, but not limited to, each of the engagement,
654 divestment, and prohibition provisions of this act.
655 Section 4. This act shall take effect upon becoming a law.
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IRAN DIVESTMENT ADVOCACY
CITY OF MIAMI BEACH RESOLUTION
RESOLUTION NO.
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA, AMENDING THE CITY'S
INVESTMENT POLICY AND PROCEDURES, AS ADOPTED BY
RESOLUTION NO. 95-21726 AND AMENDED BY RESOLUTION NO.
97-22315, BY INCORPORATING THE STATE'S "PROTECTING
FLORIDA'S INVESTMENT ACT," (CHAPTER 2007-88, LAWS OF
FLORIDA), PROHIBmNG THE INVESTMENT Of PUBLIC FUNDS
MANAGED BY THE CITY IN ANY "SCRUTINIZED COMPANIES"
WITH ACTIVE BUSINESS OPEAATlONS IN SUDAN OR IRAN, AS
LISTED BY THE STATE BOARD OF ADMINISTRATION (SBA) ON A
QUARTERLY BASIS, IN ACCORDANCE WITH THE PROVISIONS OF
THE ACT.
WHEREAS, Senate Bill 2142, which created Sections 215.442 and 215.473,
Florida StaMes, referred to as the "Protecting Florida's Investment Acf' ("Act"l, provides
a series of legislative findings relat.We to current conditions in the countries of Sudan and
. Iran; and '
WHEREAS, the Act describes, in detail, declarations by the U.S. Congress,
U.S. Secretary of State, and the U.S. President regarding the genocide and atrocities
against the citizens of regions of Sudan; and
WHEREAS, it also recognizes that Iran has failed to suspend its uranium-
enrichment activities; that the United Nations Security Council and the United States
have imposed sanctions against Iran; and that the United Nations has imposed an
embargo on Iranian arms exports which is a freeze on assets abroad of an expanded list
of individuals and companies involved in Iran's nuclear and ballistic missile program; and
WHEREAS, the Act states that it is the responsibility of the State of Florida to
decide how, where, and by whom financial resources in its control should be invested;
and
WHEREAS, moreover, it is the prerogative of the State not to participate in
ownership or capital-providing capacity with entities that provide significant practical
support for genocide, including certain non-U.S. companies presently doing business in
Sudan; and
WHEREAS, the Act also recognizes that there are financial risks with
investments in publicly traded companies that have business activities in and ties to
Iran's petroleum-energy sector; and
WHEREAS, the Act requires the State Board of Administration (SBA) to
perform certain tasks related to the "Public Fund", which is defined as aU funds, assets,
trustees, and other designatees under the 8BA; and
WHEREAS, the SBA is required to make its best efforts to identify all
scrutinized companies in which the Public Fund has direct or indirect holdings, or could
possibly have such holdings in the future; and
WHEREAS, the definition of "scrutinized company" as to Sudan, includes a
company with business operations in Sudan with revenues or assets linked to oil-reJated
or power-production activities under certain circumstances; or a company that is
436
complicit in the Darfur genocide; or a company that supplies military equipment within
Sudan undercenain conditions; and
WHEREAS, the definition of "scrutinized company" as to Iran, includes a
company with business operations that involve the government of Iran or certain
companies, and have revenues or assets linked to Iran and involve oil-related or
mineral-extraction under certain conditions; and
WHEREAS, the Act requires the SBA to assemble a list of "scrutinized
companies" and update it quarterly; and
WHEREAS, the Public Fund is prohibited from acquiring securities of any
companies on the scrutinized companies list which have active business operations in
Sudan or Iran, with certain exceptions; and
WHEREAS. in response to the financial risk posed by investments in
companies doing business with countries that sponsors terrorists, the Securities and
Exchange Commission established its Office of Global Security Risk to provide for
enhanced disclosure of material infonnation regarding such companies; and
WHEREAS, the current Sudan divestment movement encompasses nearly 100
universities, municipalities, states, and private pension plans; and
WHEREAS, companies facing such widespread divestment present further
material risk to remaining investors; and
WHEREAS. it is a fundamental responsibility of the City of Miami Beach to
decide where. how, and by whom financial resources in its control should be invested.
taking into account numerous pertinent factors; and
WHEREAS, divestiture should be considered with the intent to improve
investment perfonnance and, by the rules of prudence, fiduciaries must take into
account all relevant substantive factors in arriving at an investment decision; and
WHEREAS, it is the prerogative and desire of the City of Miami Beach, with
respect to investment resources in its control and to the extent reasonable, with due
consideration for return on investment on behalf of the City and its investment
beneficiaries, not to participate in an ownership or capital-providing capacity with entities
that provide significant practical support for genocide, including certain non-United
States companies presently doing business in Sudan; and
WHEREAS, the City of Miami Beach is seriously concerned about investments
in publicly traded companies with business activities in and ties to Iran's petroleum-
energy sector as a financial risk to the shareholders; and
WHEREAS, by investing in publicly traded companies having ties to Iran's
petroleum-energy sector, the City of Miami Beach is putting the funds it oversees at
substantialfmancialrisk;and
WHEREAS, divestiture from markets that are vulnerable to embargo, loan
restrictions, and sanctions from the United States and the international community,
including the United Nations Security Council, is consistent with the rules of prudence;
and
WHEREAS, to protect the City of Miami Beach's assets, it is in the best interest
of the City to amend the City's Investment Policy and Procedures, as adopted by
437
Resolution No. 95-21726 and amended by Resolution No. 97-22315, to prohibit the
investment of public funds managed by the City in any "scrutinized companies" with
active business operations in Sudan or in Iran, as listed by the State Board of
Administration on a quarterly basis, in accordance with the provisions of the Act; and
NOW, THEREFORE, BE IT DULY RESOLVED THAT THE MAYOR AND
CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the Mayor and
City Commission hereby amend the City's Investment Policy and Procedures, as
adopted by Resolution 95-21726 and amended by Resolution 97-22315, by
incorporating the State's "Protecting Florida's Investment Ad' (Chapter 2007-88, Laws
of Rorida), prohibiting the investment of public funds in any.scrutinized companies" with
active business operations in Sudan or Iran, as listed by the State Board of
Administration (SBA) on a quarterly basis, in accordance with the provisions of the Act
PASSED and ADOPTED this
day of
2007.
MAYOR
ATTEST:
CITY CLERK
APPROVED AS TO
FOAM & LANGUAGE
& FOR ON
438
IRAN DIVESTMENT ADVOCACY
CITY OF MIAMI RESOLUTION
City of Miami
Legislation
CIty Hall
3500 Pan American
Drive
Miami, FL 33133
WINW.miamigov,com
File Number: 07-0] 082
Final Action Date: 9/] ]/2007
A RESOLUTION OF THE MIAMI CITY COMMISSION AMENDING THE CITY OF
MIAMI'S INVESTMENT POLICY TO AUTHORIZE INVESTMENT OF SURPLUS
FUNDS IN RATED OR UNRATED BONDS, NOTES, OR INSTRUMENTS BACKED
BY THE FULL FAITH AND CREDIT OF T G NT OF ISRAEL, AND TO
WHEREAS, the Florida State Legislature has authorized counties and cities in Florida to invest in
Israeli bonds, regardless of the bond rating; and
WHEREAS, as a result of this Resolution, if acted upon, the invested money will provide the
Jewish nation funding to invest in economic expansion and build up infrastructure; and
WHEREAS, the City Commission finds that it is unconscionable for the City of Miami ("City") to
invest public funds in companies that have business operations in or with foreign countries that
sponsor terrorism and commit egregious human rights violations; and
WHEREAS, as a result of this Resolution, if acted upon, none of the City's surplus dollars will
support either the genocide in Sudan, or Iran's development of nuclear weapons, or North Korea and
Cuba's repression of human rights;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by
reference and incorporated as if fully set forth in this Section.
Section 2. The City's Investment Policy established and adopted May 10, 2001 pursuant to
Resolution No. 01-448, is amended to authorize investment of surplus funds in rated or unrated 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 satisfies specified fiduciary standards.
Section 3. This Resolution shall become effective immediately upon its ~ption and signature of
the Mayor.{1}
City of Miami
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File Number. 07-01082
Enactment Number, R-07-0504
Footnotes:
{1} If the Mayor does not sign this Resolution, it shall become effective at the end of ten calendar days
from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become
effective immediately upon override of the veto by the City Commission.
City of Miami
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Printed On: 10/4/2007
.
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02.1
City of Miami
Legislation
Resolution
3500
Mil
WWW.miamigov.com
rue Number: 07..(J1082
Finl ActiOD Oate:
A RESOLUTION OF THE MIAMI CITY COMMISSION AMENDING THE CITY OF
MIAMI'S INVESTMENT POUCY TO AUTHORIZE INVESTMENT OF SURPlUS
FUNDS IN RATED OR UNRATED BONDS, NOTES, OR INSTRUMENTS BACKED
BY THE FULL FAITH AND CREDIT OF THE GOVERNMENT OF ISAAEL; AND TO
PROHIBIT INVESTMENTS IN ANY COMPANIES WITH BUSINESS OPERATIONS
IN SUDAN OR IRAN PROVIDED THAT SUCH REVIStONSSATlSFIES SPEciFIED
FIDUCIARY STANDARDS. ' ,
-., ,"
'WHEREAS, the Florida State Legislature has authorized Counties and cities in .FIorida to inveS1 in
lsnael! bonds, .regardless of the bond rating; and '.
;' . WHEREAS, as a result of this Resolution. if acted upon, the invested money will provide the
,Jewisb nation funding to invest in economic expansion and buJld up infrastructure: and
WHEREAS, the City Commission finds that it is unconscionable for the City bfMiami ("City") to
, jn~ -pUb1ic funds in companies that have business operations in or witt! foreign countries that
'SpOnsor terrorism and commit egregious human rights violations; and
WHEREAS., as a result of this Resolution, if acted upon, none of the City's surplus dollars will
supPort either the genocide in Sudan, or Iran's development of nuclear weapons;
, NOVV, THEREFORE, BE IT RESOLVED BY TH~COMMISSI0N OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by
reference and incorporated as if fully set forth in this Section.
Section 2. The City's Investment Policy established and adopted May 10; 2001 pursuant to
Resolution No; 01-448, is amended to authorize investment of surpiusfunds in rated or unrated bonds,
notes or instruments backed by tlie full faith and credit of the government of Israel. and to prohibit
investments in any companies with business operations in Sudan or Iran provided that such revisions
satisfies specified fiduciary standards.
Section 3. This Resolution shaH become effective immediately upon its adoption and signature of
the Mayor.{1}
City of Minmi
jU8MITTED INTO Th
'UBllC RECORD FC~
ITEMJ)z.j ~"(rl'r 01
Pnfr" 1 of2
,",
File Number: 07-01082
APPROVED AS TO FORM AND CORRECTNSSS-
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Footnotes:
.........,..
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{1} .If the Mayor does not sign this Resolution, it shall 'become effective a't theeOq oflei\~~~rdays'
from the date it was passed and edopted. If the Mayor vetoes, this Resolutioil; it shall becgr:ri'e~';' '
effective immediately upon override of the veto Py the. City Commission; ',., " r.',
5UBMITTEOINTO THE
?UBLIC RECORD FOR
ITEM~2. I ON q-(l- 01
.
Ci,y ofMiflllli
P/Jf:(~ 2 of J
Pri"url 0..: 8123/1007
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PIu.L b<<1 ..nil iii MUmri <1fia
100 Sou rh Biscaync Boulevard
Sixrh Floor
MOJoi, Florida, 33J31-531O
Tdephone; 305-379-7000
Toll Free: 600.99'). I CPA (1272)
Fax; 305-379-8200
Direct D,al' 305-96{)-1253
Email: berkowitZ@bdpb com
515 East 1o5 Ola., Bou.kvud
Fifretnrh HOOT
Fort Lauderdale. FL 3330] .2281
Tdepbono: 954-712-7000
ToJlF=: SOO-999-ICPA (1272)
flU: 954.712-7070
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September 6, 2007
Honorable Marc D. Sarnoff, Commissioner
City of Miami
3500 Pan American Drive
Miami, Florida 33133
SUBMITTED INTO THE
PUBLIC RECORD FOR
ITEM DJ f f ON 9>-/ /-O? .
Dear Commissioner Sarnoff:
On September 6,2007, at the regular meeting of the City of Miami Finance Commitlee,
the Committee was asked to approve a proposed resolution of tbe Miami City Commission
amending the City of Miami's Investment Policy. See the proposed resolution attached.
The Committee appreciates the desire of the Commissioner to authorize the investment of
surplus funds in rated or unrated bonds, notes or instruments backed by the full faith and credit
of the government of Israel.
The Committee wishes to bring to the attention of the Commissioner that the current
Investment Policy of the City of Miami does not allow investments in foreign debt instruments.
The Committee unanimously recommends amending the resolution to allow the City of
Mianli to invest in foreign debt rated AA or better by Moody's and Standard and Poors. The
Committee recommends the following amendment to Section 2 of the proposed resolution:
Section 2. The City's Investment Policy established and adopted May 10,2001
pursuant to Resolution No. 01-448, is amended to authorize investment of
surplus funds in foreign bonds rated AA or better by Moody's and
Standard and Poors.
The Committee understands that the Commissioner wishes to give preference to bonds
issued by the State of Israel. The Committee has no position with respect to this issue_
Honorable Marc D. Sarnoff, Commissioner
Page 2
September 6, 2007
The Committee has considered the language in the proposed resolutions' granting clauses
which includes statements that are political and social in nature. The City of Miami's Investment
Policy has no such statements. The Committee beljeves that the City of Miami's Investment
Policy should not contain political or social statements, and therefore the Committee
unanimously is opposed to including that language in the proposed resolution.
Very truJy yours,
"r' /)~
f",", /../",)~
K~~,.._!d.tLaL~/ ~)
Rithard A Berk6wltz, J.D., C.P.A., C1(a'
On behalf of City of Miami Finance Committee
cc: Eli Feinberg, Member, City of Miami Finance Committee
Carol Gardner, Member, City of Miami Finance Committee
Diana M. Gomez, Member, City of Miami Finance Committee
Humberto Rodriguez, Member, City of Miami Finance Committee
Juan Martinez, Member, City of Miami Finance Conmlittee
Signed in Mr. Berkowitz's absence to prevent delay.
SUBMITTED INTO THE
PUBLIC RECORD FOR
ITEM ])2, i ON 9-1/-07
Where were voters? Dade urges election changes - 11/07/2007 - MiamiHerald.com
Page 1 of2
MiamiHerald.com ID
Posted on Wed, Nov. 07,2007
Where were voters? Dade urges election changes
BY BETH REINHARD
Where were voters? Dade urges election changes
What if they held an election and nobody came?
That's what happened Tuesday in one Miami precinct, where not one ofthe 147 registered voters went
to the polls at St. Paul Institutional AME Church. Five people had voted early.
Overall, only 17 percent of the voters showed up in the six Miami-Dade municipalities that hosted
elections, including the three biggest cities of Miami, Hialeah and Miami Beach.
Can't blame the weather. The temperature reached 82 degrees, and there wasn't a drop of rain.
"People need to participate in the process. This is embarrassing," said Annie Betancourt, president of
the League of Women Voters of Miami-Dade and a former state legislator. "What kind ofa mandate
do some of these elected officials have?"
Homestead -- with a turnout of 16 percent -- featured some of the tightest squeakers in winning
margins. Nazy Sierra has 19 people to thank for putting her on the City Council, while another
newcomer, Melvin McCormick, is indebted to 74 voters. Councilwoman Amanda Gamer lost her seat
by a mere 121 votes.
"I knew it was a close race, but I didn't think it would be that close," said candidate Angel Garrote,
who was ahead of Sierra until the final precincts came in. "What are the chances of that breaking
down like that?"
Tuesday's returns may boost a fledgling effort by the Miami-Dade Elections Department to encourage
cities to merge their elections with countywide votes in even-numbered years. Currently, municipal
elections are scattered throughout the calendar, catching voters off guard in the spring, summer and
odd-numbered years.
"It's better from a logistical and cost-savings standpoint to piggyback onto countywide elections," said
elections spokeswoman Christina White. "Now that we're going to be dealing with paper ballots and a
brand-new system, we would prefer for everyone to be combined."
The savings would vary from city to city. Aventura, for example, would save about $60,000 if it
moved a proposed special election in October 2008 to coincide with the November general election,
White said.
The trend has already caught on in Broward County, where cities are increasingly pushing their
traditional spring elections to November. Weston and Southwest Ranches held their first fall elections
last year, while voters in Coral Springs, Hallandale Beach, Lauderdale Lakes, Lauderhill, Tamarac,
Parkland and Wilton Manors will choose their local representatives along with the president of the
http://www.miamiherald.comlnews/breaking_news/v -print/ story /299695 .html
11/8/2007
Where were voters? Dade urges election changes - 11/07/2007 - MiamiHerald.com
Page 2 of2
United States in November 2008.
When Miami Beach considered such a move a few years ago, city officials said they were concerned
about nationwide or statewide elections overshadowing local races, said City Manager Jorge
Gonzelez.
One civic activist, Miami SunPost columnist Rebecca Wakefield, took on the problem herself,
determined to improve on the city's 11 percent showing in 2005. She launched a website,
www.Doublethevote.com. canvassed at events like the Tuesday Morning Breakfast Club, and
encouraged political activists to rouse their grass-roots networks.
Wakefield met her goal: This year's turnout more than doubled to 25 percent. But Tuesday morning,
candidates and campaign workers outnumbered voters at polling places such as Fire Station No.3 on
Collins Avenue.
"It's almost embarrassing that in a city that considers itself so hip, only 10,000 people vote in local
elections," lamented Roger Abramson, 73.
In Hialeah's most contentious race for City Council, incumbent Cindy Miel and Isis Garcia-Martinez
were only 352 votes apart, triggering a runoff. Citywide turnout was 17 percent.
"Part of it is that people are happy with their local government. They like the status quo," Hialeah
Mayor Julio Robaina said. "Higher voter turnout normally comes when there is a big issue, or some
sort of revolt, and obviously that's not happening in Hialeah."
Sometimes it's the lack of a horse race that may leave voters nonplussed. Miami City Commissioner
Marc Sarnoff faced two poorly funded, last -minute entrants, attracting the attention of only 10 percent
of the voters.
"I think people saw it as a foregone conclusion," Sarnoff said. "You can lead a horse to water, but you
can't make them drink, and I think most of the horses knew there was an election."
Miami Herald staff writers Laura Figueroa, Rebecca Dellagloria, Tania Valdemoro and Michael
Vasquez contributed to this report.
~ 2007 Miami Herald Media Company. All Rights Reserved.
http://www.miamiherald.com
http://www.miamiherald.com/news/breaking news/v - print/story /299695 .html
11/8/2007
Eric M. Soroka
..? COJlv ~ It - ('{-.-0 7
I~~S-
From:
Sent:
To:
Subject:
Kelley Whiter [whiterk@ajc.org]
Wednesday, November 14, 2007 11 :24 AM
Eric M. Soroka
Iran Divestment Initiative: Scrutinized Companies
Good morning, Eric. It was a pleasure speaking with you moments ago. In reference to Agenda Item NO.5 of today's
City Commission Workshop Meeting, "Iran Divestment Advocacy," and as a supplement to the background materials
available on the City Commision's website, please note the following:
The State Board of Administration's ("SBA") recently issued its first quarterly report regarding the progress of its efforts to
comply with the Protecting Florida's Investments Act that was signed into law on June 8,2007. In the report, which is
available directly on the SBA website (i.e., www.sbafla.com). under the link for "Protecting Florida's Investments Act" (i.e.,
http://www.sbafla.com/imaqesllndexlflashhtml.html). the SBA states that it began to engage companies identified as
"scrutinized companies" on September 19, 2007.
1. List of Scrutinized Companies. For a list of companies identified by the SBA as being engaged in prohibited activities
in the Iran petroleum energy sector, i.e., "scrutinized companies," please click on the following link:
http://www.sbafla.com/imaoesllndexlflashhtml.html. For a list of companies identified by the SBA as requiring continued
examination with activities in the Iran petroleum energy sector, please click on the following link:
http://www.sbafla.com/imaqes/lndexlflashhtml.html.
2. Copies of Letters from the SBA to the Investment Manaoers. According to the SBA website, "because the SBA has
not assembled any Scrutinized Company lists prior to the [October 2007] quarterly report, there have been no investment
manager engagement activities to date." Copies of these sample letters should be available once the second quarterly
report scheduled for December 2007 is issued, which will contain updated information on SBA's investment manager
engagement efforts. Please click on the following link for a sample letter from the SBA to Total SA, a French company
identified on the scrutinized company list that is engaged in prohibited activities in Iran (i.e.,
http://www.sbafla.com/imaqes/lndex/slsci.pdf). Please note that all companies listed as scrutinized companies received
copies of such a letter. The companies listed as needing continued examination also received similar letters from the
SBA.
I hope that this information is helpful. Please feel free to contact me with any questions or comments regarding the
foregoing.
Regards,
:KJletj
Kelley Whiter
Director of Community Outreach
American Jewish Committee
Greater Miami and Broward Chapter
5890 South Pine Island Road, Suite 241
Davie, Florida 33328
Phone: (954) 252-6222
Fax: (954) 252-6644
Cell: (954) 260-8977
Email: whiterk@aic.orq
The American Jewish Committee, founded in 1906, is one of the most prominent human relations organizations in the
world. Its primary mission is to protect the rights and liberties of all minority groups and to strengthen understanding
between diverse racial, ethnic and religious communities.
1