(a) For the purpose of this section, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
COMPANY. Any corporation, utility, partnership, joint venture, franchisor, franchisee, trust, entity investment vehicle, financial institution, or a wholly owned subsidiary of any of these entities.
DIVESTMENT ACTION. Selling, redeeming, transferring, exchanging, otherwise disposing of, and refraining from further investment in certain investments.
DOING BUSINESS IN IRAN. The company has, with actual knowledge, on or after August 5, 1996, made an investment of $20,000,000 or more, or any combination of investments of at least $10,000,000 each, which in the aggregate equals or exceeds $20,000,000 in any 12-month period, and which directly or significantly contributes to the enhancement of Iran's ability to develop the petroleum or natural gas resources of Iran.
DOING BUSINESS IN SUDAN. Engaging in commerce in Sudan by maintaining or leasing equipment, facilities, personnel, or other apparatus of business or commerce in oil-related activities, mineral extraction activities, power production activities, or production of military equipment of Sudan.
ELIGIBLE ACCOUNTS. Actively managed separate accounts containing funds of the several systems.
INVESTMENT. The commitment of funds or other assets to a company, including:
(i) The ownership or control of a share or interest in the company; or
(ii) The ownership or control of a bond or other debt instrument of a company.
IRAN. The Islamic Republic of Iran.
SUDAN. The government in Khartoum, Sudan, that is led by the National Congress Party (formerly known as the National Islamic Front) or any successor government formed on or after October 13, 2006, including the coalition national Unity Government agreed on in the Comprehensive Peace Agreement for Sudan. SUDAN does not mean the regional government of southern Sudan.
(b) The Board of County Commissioners may enact an ordinance authorizing the divestment action concerning funds in eligible accounts that are invested in companies doing business in Iran or Sudan.
(c) (1) The Board of County Commissioners, its officials, agents, employees, or any fiduciary may not be held liable for any actions taken or decisions made in good faith for the purpose of complying with or executing the requirements of any divestment provisions under this section or any ordinance enacted under the authority granted in this section.
(2) The Board of County Commissioners, its officials, agents, employees, or any fiduciary shall act in good faith to carry out divestment action as authorized by this section or any ordinance enacted in compliance with all applicable local, state, and federal law, including relevant judicial decisions and the federal Sudan Accountability and Divestment Act of 2007.
(3) Nothing in this section shall require the Board of County Commissioners to take action as described in this section unless the Board of County Commissioners determines in good faith that the action is consistent with its fiduciary responsibilities.
(2009, Chapter 427, § 1)