City of Madison - File #: 79719

• File #: 79719
• Version: 1
• Name: Limitations on Nuclear Weapons Producers
• Type: Resolution
• Status: Passed
• File created: 9/6/2023
• In control: Attorney's Office
• On agenda: 10/3/2023
• Final action: 10/3/2023
• Enactment date: 10/6/2023
• Enactment #: RES-23-00623
• Title: Supporting limitations on city purchases from nuclear weapons producers.
• Sponsors: Satya V. Rhodes-Conway, Yannette Figueroa Cole, Marsha A. Rummel, Tag Evers, Dina Nina Martinez-Rutherford, John W. Duncan, Barbara Harrington-McKinney, Juliana R. Bennett, Michael E. Verveer, Jael Currie, Isadore Knox Jr., Regina M. Vidaver, Amani Latimer Burris

Date	Ver.	Action By	Action	Result
10/3/2023	1	COMMON COUNCIL	Adopt Unanimously	Pass
9/26/2023	1	FINANCE COMMITTEE	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
9/19/2023	1	COMMON COUNCIL	Refer	Pass
9/6/2023	1	Attorney's Office	Referred for Introduction

Fiscal Note
This resolution establishes policies and procedures regarding city purchasing and investments related to companies that produce nuclear weapons.

Generally, the resolution prohibits purchases of more than $50,000 from these companies, prohibits investments in these companies, and limits investments in US Treasury bonds and notes to no more than 20 percent of the City's investment portfolio. These limits can be waived under certain conditions, with reporting requirements to the City Finance Committee or action by the Finance Committee to implement any waivers.

The current share of the City's investment portfolio that is in US Treasuries is less than 1 percent and none of the portfolio is invested in companies that produce nuclear weapons.

Use of any waivers is expected to be limited.

Under the resolution, the Finance Director will educate city agency staff about companies that produce nuclear weapons using information from publicly-available sources and will establish purchasing policies to assist City agencies with complying with the prohibitions in this resolution.

Workload associated with the provisions in this resolution is expected to be manageable within current resource levels.

The resolution does not include an appropriation.


Title
Supporting limitations on city purchases from nuclear weapons producers.
Body
WHEREAS, nations across the globe still maintain over 15,000 nuclear weapons, some of which are hundreds of times more powerful than those that obliterated Hiroshima and Nagasaki, and detonation of even a small fraction of these weapons would cause suffering and death for most of the Earth’s population and a decade-long nuclear winter; and
WHEREAS, the United States of America plans to invest over one trillion dollars over the coming decades to upgrade its nuclear arsenal, which many experts believe actually increases the risk of nuclear proliferation, nuclear terrorism, and accidental nuclear war; and
WHEREAS, in a period where ...