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112 <br /> <br />6) Does not carry on any political activity; <br /> <br />7) Has no rule, regulation, policy or practice <br /> discriminating on the basis of religious <br /> conviction, race, color, sex, or national origin; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Charlottesville, that the Council hereby endorses, <br />supports and approves the adoption of an amendment to Title <br />58.1 of the Code of Virginia exempting property of the Senior <br />Center located in the City of Charlottesville from stte and <br />local taxation; and <br /> <br /> BE IT FURTHER RESOLVED that the Clerk of the Council is <br />directed to convey certified copies of this resolution to the <br />members of the General Assembly representing the City. <br /> <br />PUBLIC HEARING: SOUTH AFRICAN DIVESTMENT <br /> <br /> Mr. Hendrix stated that in 1984 Council adopted a <br />resolution which restricted investment of the City's <br />retirement fund to those companies doing business in South <br />Africa who were Sullivan Principle signatories. The <br />Social Development Commission passed a resolution <br />recommending that the City divest totally from any company <br />doing business in South Africa. <br /> <br /> Mr. David Toscano, a member of the Social Development <br />Commission, stated that certain misperceptions existed <br />concerning the effects of total divestment such as the <br />policy could affect the amount of retirement received. Mr. <br />Toscano stated that the retirement fund is a defined plan, <br />though there could be an increased cost to the tax payer. <br />Mr. Toscano stated that the risk did increase due to the <br />restrictions on the investment portfolio, but this did not <br />necessarily mean a decrease in performance. Mr. Toscano <br />stated that conditions have worsened in South Africa in <br />spite of the Sullivan Principles. Mr. Toscano stated that <br />the Black South African Trade Union has supported total <br />divestment and Rev. Sullivan is also supporting total <br />divestment should significant change not occur in South <br />Africa by May of 1987. <br /> <br /> As there were no other speakers the public hearing was <br />closed. <br /> <br /> Mr. Towe questioned what the cost to the City could be <br />should a drastic change occur in the retirement fund <br />investments. <br /> <br /> Ms. Rita Scott, Director of Finance, stated that the <br />investment counsel has stated that the potential risk to the <br />retirement fund is not measureable, but noted that the <br />return from investments in 1986 was $1 million and the <br />City's contribution was $1.2 million, so if the investment <br />return decreased, the City's contribution would have to <br />inrease accordingly. <br /> <br /> Ms. Gleason read the Code of Conduct recently included <br />in Federal legislation which called for companies doing <br />business in South Africa to provide desegregation in <br />employment, equal employment and pay, an increase in <br />employment of repressed persons, fair labor standards, and <br />an effort to improve the lives of persons outside of <br />employment. Ms. Gleason stated that the Federal law <br />appeared to be stronger than the Sullivan principles. Ms. <br />Gleason also stated that non-American companies in South <br />Africa were not required to adhere to this Code of Conduct. <br /> <br /> Mr. Toscano acknowledged that many American firms in <br />South Africa were making improvements in the work place, but <br />were not attacking Apartheid directly. <br /> <br /> <br />