PRINTER'S NO. 1815
No. 1553 Session of 1981
INTRODUCED BY RICHARDSON, IRVIS, OLIVER, WIGGINS, BARBER, WHITE,
J. D. WILLIAMS, EVANS AND DEAL, JUNE 15, 1981
REFERRED TO COMMITTEE ON BUSINESS AND COMMERCE, JUNE 15, 1981
AN ACT
1 Requiring cities to enact responsible investment ordinances
2 requiring the withdrawal of city funds from banks and
3 business entities doing business with the Republic of South
4 Africa.
5 The General Assembly of the Commonwealth of Pennsylvania
6 hereby enacts as follows:
7 Section 1. Responsible investment ordinances.
8 Cities shall enact responsible investment ordinances
9 requiring the withdrawal of city funds from banks and other
10 business entities doing business with the Republic of South
11 Africa.
12 Section 2. Citizens committee.
13 Each city council shall appoint a Citizens Committee on
14 Responsible Investments to make recommendations to it regarding
15 the following:
16 (1) Procedures for the withdrawal of city public moneys
17 from financial institutions and business entities doing
18 business with the Republic of South Africa.
1 (2) Procedures for redeposition with all prudent haste
2 of city public moneys in financial institutions and other
3 business entities which do not do business with the Republic
4 of South Africa until council adopts a comprehensive
5 responsible investment policy.
6 (3) A comprehensive responsible investment policy which
7 maximizes the city's social and economic benefits.
8 Section 3. Council's ordinance.
9 (a) The city council of each city shall adopt a
10 comprehensive responsible investment policy by September 1, 1981
11 based on the citizens committee's recommendations.
12 (b) Following the adoption of the comprehensive responsible
13 investment policy, each citizens committee shall be dissolved.
14 Section 4. Intent.
15 (a) It is the intent of this act that each city act to
16 remove investments and deposits from banks and other business
17 entities doing business with the Republic of South Africa.
18 (b) No provision of this act shall be construed to require
19 that any city incur any loss in interest or receive less than
20 the greatest economic benefit from its investments.
21 (c) No provision of this act shall be construed to direct a
22 violation of applicable Federal or State investment laws or
23 regulations.
24 Section 5. Effective date.
25 This act shall take effect immediately.
F1L11JR/19810H1553B1815 - 2 -