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222 <br /> <br />Mr. Towe. <br /> <br /> WHEREAS, the City of Charlottesville has a fiduciary <br />responsibility to maximize the productive use of assets <br />entrusted to its care and to manage those funds wisely and <br />prudently~ and <br /> <br /> WHEREAS, the City recognizes its obligation to be aware <br />of the social and political implications of its investments, <br />and subsequently to act responsibly in making financial <br />decisions~ and <br /> <br /> WHEREAS, the government of South Africa has instituted <br />and maintains a policy of Apartheid, which determines <br />citizens' rights according to race, and which causes the <br />institutional subjugation of over 70 percent of the people of <br />South Africa simply because they are non-white; and <br /> <br /> WHEREAS, City Council adopted a policy of partial <br />divestment on December 3, 1984 by limiting investment of the <br />City Retirement Fund to those companies doing business in <br />South Africa which have adopted the Sullivan Principles; and <br /> <br /> WHEREAS, the City of Charlottesville's Retirement Plan <br />Commission should not support or appear to support the policy <br />of Apartheid by investing or maintaining investments in <br />companies doing business in South Africa; now, therefore, <br /> <br /> BE IT RESOLVED by the Council of the City of <br />Charlottesville, Virginia that: <br /> <br /> 1. The City of Charlottesville, through its Retirement <br />Plan Commission, shall create a "South Africa free <br />portfolio," meaning that the Commission shall not make or <br />retain investments in stocks, securities, or other <br />obligations of companies doing business in the Republic of <br />South Africa. <br /> <br /> 2. Companies, subsidiaries, and affiliates doing <br />business in South Africa shall be identified by the most <br />recent reports of the Investor Responsibility Research <br />Center, Inc., U. S. and Canadian Business in South Africa. <br /> <br /> 3. The Retirement Plan Commission shall advise their <br />investment advisory firm to create a South Africa free <br />portfolio as soon as practicable, and in no event, later than <br />one year from the date of this resolution. <br /> <br />APPOINTMENTS: BOARDS AND COMMISSIONS <br /> <br /> On motion by Rev. Edwards, seconded by Mr. Towe, Ms. <br />Genevieve Keller was unanimously appointed to serve a four- <br />year term as the Downtown Architectural Design Control <br />district representative on the Historic Landmarks Commission. <br />This term will expire on June 15, 1992. <br /> <br /> On motion by Mr. Towe, seconded by Rev. Edwards, Mr. <br />Bill Daggett was unanimously appointed to serve an unexpired <br />term on the McGuffey Arts Center Board. This term will <br />expire on August 31,~1989. <br /> <br /> On motion by Mr. Vandever, seconded by Rev. Edwards, Ms. <br />Jo Tyler was unanimously reappointed to serve a three-year <br />term on the Social Development Commission. This term will <br />expire on August 31, 1991. <br /> <br /> On motion by Mr. Towe, seconded by Rev. Edwards, Mr. <br />Will Paulsen and Dr. Knight Aldrich were unanimously <br />reappointed to four-year terms on the Social Services <br />Advisory Board. These terms will expire on June 30, 1992. <br /> <br /> On motion by Mr. Vandever, seconded by Mr. Towe, Mr. <br />John Shortall was unanimously reappointed to a four-year term <br /> <br /> <br />