HomeMy WebLinkAboutResolution No. 2008-030 Certifying That No Funds Have Been Invested In a Targeted List of Companies Whose Operations Are Deemed To Be Complicit With the Government of Sudan's Genocidal Activities In Darfur, Sudan; Prohibiting Purchases of Such in Future RESOLUTION NO, 2008-30
COUNTY OF HENNEPIN
STATE OF MINNESOTA
o� A RESOLUTION CERTIFYING THAT NO FUNDS HAVE BEEN INVESTED
m
IN A TARGETED LIST OF COMPANIES WHOSE OPERATIONS ARE DEEMED
TO BE COMPLICIT WITH THE GOVERNMENT OF SUDAN'S GENOCIDAL
• v, \ ;� ACTIVITIES IN DARFUR, SUDAN,AND PROHIBITING THE PURCHASE OF
SUCH SECURITIES IN THE FUTURE
City of Edina
WHEREAS, on July 23, 2004, the United States Congress declared that"the atrocities unfolding in Darfur, Sudan are
genocide'; and
WHEREAS, on April 16, 2007, the University of Minnesota adopted a policy of targeted divestment from companies
that support the genocidal government of Sudan; and
WHEREAS, on May 23, 2007, the State of Minnesota passed a bill divesting Minnesota's State Board of Investment
from companies complicit in the genocide; and
WHEREAS, on July 3, 2007, the City of Edina became the third city in the United States to pass a resolution urging
that the United States government safeguard the security of innocent non-combatant men, women and children in Darfur,
Sudan where the United States has declared genocide to be occurring; and
WHEREAS, on December 31, 2007, the President of the United States signed into law the Sudan Accountability and
Divestment Act of 2007 which authorizes state and local governments to divest from Sudan; and
WHEREAS, the City of Edina is concerned not only with financial repercussions but also with the moral implications
of complicit investments; and
WHEREAS, the City of Edina acknowledges that a refusal to invest in and divestment from complicit operations is a
course of last resort that should be used sparingly, consistent with a City's fiduciary duties and only under extraordinary
,circumstances, and that this Resolution is not intended to set precedent with regard to investment and divestment policies
and practices of the City of Edina but is solely in response to the exigencies of the declaration of genocide; and
WHEREAS, the Finance Director of the City of Edina has determined that the City does not now own any
investments in the scrutinized companies identified by the Sudan Divestment Task Force.
NOW, THEREFORE, BE IT RESOLVED that the City of Edina directs that no investments shall be made in any
company or corporation identified as a scrutinized company by the Sudan Divestment Task Force.
BE IT FURTHER RESOLVED that the City of Edina directs that any investment held by the City—which later
becomes identified as a scrutinized company—be sold at the earliest opportunity.
BE IT FURTHER RESOLVED that this Resolution shall remain in effect only in ofar as it continues to be consistent
with, and does not unduly interfere with, the foreign policy of the United States d ter ined by the Federal Government.
Passed and adopted by the City Council of the City of Edina this 18" day rc 00
Attest X .LL16 &I 'Z
Debra A. Mangen, City Clerk J - James B. Hovland, Mayor
STATE OF MINNESOTA )
COUNTY OF HENNEPIN)SS
CITY OF EDINA )
CERTIFICATE OF CITY CLERK
I, the undersigned duly appointed and acting City Clerk for the City of Edina do hereby certify that the attached and foregoing Resolution was duly
adopted by the Edina City Council at its Regular Meeting of March 18,2008 and as recorded in the Minutes of said Regular Meeting.
WITNESS my hand and seal of said City this day of ,20_
• City Clerk
City Hall 952-927-8861
4801 WEST 50TH STREET FAX 952-826-0390
EDINA, MINNESOTA, 55424-1394 www.cityofedina.com TTY 952-826-0379