City of Milwaukee - File #: 110650

• File #: 110650
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 9/1/2011
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 9/20/2011
• Title: Resolution relating to the City of Milwaukee’s Socially Responsible Investment Program and the investment of City funds in financial institutions designated as eligible to participate in the investment program.
• Sponsors: THE CHAIR
• Indexes: BANKS AND LENDING INSTITUTIONS, DESIGNATION OF DEPOSITORIES, SOCIAL CONCERNS

Date	Ver.	Action By	Action	Result	Tally
9/29/2011	0	MAYOR	SIGNED
9/20/2011	0	COMMON COUNCIL	ADOPTED	Pass	14:0
9/15/2011	0	FINANCE & PERSONNEL COMMITTEE	HELD TO CALL OF THE CHAIR; Minutes note: Individuals appearing: Ted Medhin, Legislative Reference Bureau Jim Klajbor, Treasurer's Office	Fail	1:4
9/15/2011	0	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	5:0
9/13/2011	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
9/1/2011	0	COMMON COUNCIL	ASSIGNED TO

Number
110650
Version
ORIGINAL
Reference
890493, 901974, 911795, 930357, 930358, 930841, 940518, 950419, 960586, 970624, 980598, 101551
Sponsor
THE CHAIR
Title
Resolution relating to the City of Milwaukee’s Socially Responsible Investment Program and the investment of City funds in financial institutions designated as eligible to participate in the investment program.
Analysis
This resolution consolidates various resolutions adopted by the Common Council relating to the City’s Socially Responsible Investment Program and the investment of City funds in financial institutions designated as eligible to participate in the investment program. The resolution also rescinds obsolete resolutions relating to the Socially Responsible Investment Program.
Body
Whereas, The Fair Lending Action Committee, in its report Equal Access to Mortgage Lending: The Milwaukee Plan submitted to Mayor John Norquist and Governor Tommy G. Thompson in October, 1989, found that mortgage lending volume was disproportionately low for blacks and in predominantly black neighborhoods as compared to whites and predominantly white neighborhoods in the Milwaukee metropolitan area; and

Whereas, The lending practices of local financial institutions have a major impact on the City’s tax base, homeownership, maintenance of properties, quality of life and overall economic viability of the City; and

Whereas, It is in the best interests of the City of Milwaukee that City funds are invested in a socially and economically beneficial way to the betterment of all segments of the community; now, therefore be it

Resolved, By the Common Council of the City of Milwaukee, that a Socially Responsible Investment Program shall be established under which City funds shall be invested in financial institutions which are compatible with the following goals:

1. Liquidity, safety and competitive returns on investments.

2. Increasing the amount and percentage of home mortgages made by financial institutions ...