EXPLANATION: CAPITALS indicate matter added to existing law.
[Brackets] indicate matter deleted from existing law.
* WARNING: THIS IS AN UNOFFICIAL, INTRODUCTORY COPY OF THE BILL.
THE OFFICIAL COPY CONSIDERED BY THE CITY COUNCIL IS THE FIRST READER COPY.
INTRODUCTORY*
CITY OF BALTIMORE
COUNCIL BILL
Introduced by: Councilmember Holton
A BILL ENTITLED
AN ORDINANCE concerning
Title
Retirement Systems - Precluded Investments - Republic of Sudan
FOR the purpose of prohibiting the investment of public pension or retirement funds in Sudan or in companies doing business in or with Sudan.
Body
BY adding
Article 22 - Retirement Systems
Section(s) 7(a)(1), 23(b), and 35(a)(1)
Baltimore City Code
(Edition 2000)
SECTION 1. BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF BALTIMORE, That the Laws of Baltimore City read as follows:
Baltimore City Code
Article 22. Retirement Systems
Subtitle - Employees' Retirement System
§ 7. Management of funds.
(a) Trustee of funds.
(1) (I) NO FUNDS HELD UNDER BY THE EMPLOYEES' RETIREMENT SYSTEM MAY REMAIN INVESTED OR BECOME INVESTED IN THE STOCKS, SECURITIES, OR OTHER OBLIGATIONS OF ANY BANK OR FINANCIAL INSTITUTION THAT MAKES LOANS TO THE REPUBLIC OF SUDAN, OR TO A NATIONAL CORPORATION OF SUDAN, OR IN THE STOCKS, SECURITIES, OR OTHER OBLIGATIONS OF ANY COMPANY DOING BUSINESS IN OR WITH SUDAN, OR WHOSE SUBSIDIARY OR AFFILIATE DOES BUSINESS IN OR WITH SUDAN.
(II) COMPANIES DOING BUSINESS IN OR WITH SUDAN SHALL BE AS IDENTIFIED BY THE U.S. DEPARTMENT OF THE TREASURY'S OFFICE OF FOREIGN ASSETS CONTROL.
Subtitle - Elected Officials' Retirement System
§ 23. Management of Funds.
(B) THE PROVISIONS OF § 7(A)(1) OF THIS ARTICLE, CONCERNING THE INVESTMENT OF FUNDS IN COMPANIES DOING BUSINESS IN OR WITH SUDAN, APPLY TO ALL FUNDS OF THE ELECTED OFFICIALS' RETIREMENT SYSTEM.
Subtitle - Fire and Police Employees' Retirement System
§ 35. Management of Funds.
(a) Trustee of funds.
(1) (I) NO FUNDS HELD UNDER BY THE FIRE AND POLICE EMPLOYEES' RETIREMENT SYSTEM MAY REMAIN INVESTED OR BECOME INVESTED IN THE STOCKS, SECURITIES, OR OTHER OBLIGATIONS OF ANY BANK OR FINANCIAL INSTITUTION THAT MAKES LOANS TO THE REPUBLIC OF SUDAN, OR TO A NATIONAL CORPORATION OF SUDAN, OR IN THE STOCKS, SECURITIES, OR OTHER OBLIGATIONS OF ANY COMPANY DOING BUSINESS IN OR WITH SUDAN, OR WHOSE SUBSIDIARY OR AFFILIATE DOES BUSINESS IN OR WITH SUDAN.
(II) COMPANIES DOING BUSINESS IN OR WITH SUDAN SHALL BE AS IDENTIFIED BY THE U.S. DEPARTMENT OF THE TREASURY'S OFFICE OF FOREIGN ASSETS CONTROL.
SECTION 2. AND BE IT FURTHER ORDAINED, That the catchlines contained in this Ordinance are not law and may not be considered to have been enacted as a part of this or any prior Ordinance.
SECTION 3. AND BE IT FURTHER ORDAINED, That this Ordinance takes effect on the 1st day of the 2nd fiscal quarter after the date it is enacted.
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