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RESOLUTION NO. 7,385 229
A RESOLUTION REQUESTING THAT FIVE PERCENT OF
THE FUNDS IN THE CITY OF LITTLE ROCK's
RETIREMENT SYSTEMS BE INVESTED LOCALLY.
WHEREAS, public pension systems represent a potential
significant source of capital to help finance economic growth and
development in the City of Little Rock; and
WHEREAS, the overwhelming majority of funds held by the
City's retirement systems are being invested outside the City
of Little Rock; and
WHEREAS, it desirable that the money invested in the City's
retirement systems be a part of the City's capital to be used in
financing economic and business development activities within the
City of Little Rock; and
WHEREAS, it is estimated that 1.2 million dollars of new
source capital could be generated for local investment activity
by establishing a goal of investing at least five percent (5 %) of
the City's pension funds locally.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. The Board of Directors of the City of Little Rock
hereby requests and directs that the management of the City's non-
uniform, police, fire, and municipal judges' pension funds
establish a goal of investing at least five percent (50) of their
monies within the City of Little Rock and with the understanding
that the "prudent man" investment rule shall apply.
ADOPTED: May 7, 1985
ATTEST:�2Z
Ci ty Clerk/ Jane Czech
APPROVED: I
Mayor Thomas A. Prince
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