See the full text of the proposed ordinance below:

Divesting from foreign countries conducting severe violations of human rights such as  ethnic cleansing, apartheid, illegal military occupation, or genocide.  

Be it ordained by the City of Providence:  

(a) Definitions. For the purpose of this article, the following definitions shall apply:  (1) “Sovereign debt” shall include foreign countries conducting ethnic cleansing, apartheid,  illegal military occupation, or genocide, as subject to United Nations Security Council  resolutions, findings from investigations of any UN Independent International Commission  of Inquiry, findings from any United Nations Special Rapporteurs, findings from the United  Nations High Commissioners for Human Rights, any U.S. court ruling, definitions in U.S.  Federal policy, and/or International Court of Justice rulings and advisory opinions.  (2) “Complicit entities” shall mean corporations which directly and knowingly enable and  contribute to severe violations of international humanitarian law and human rights such as  ethnic cleansing, apartheid, illegal military occupation, or genocide.  

(3) “City funds” shall mean all funds and systems under the jurisdiction of the board of  investment commissioners, including but not limited to the retirement system.  (4) “Direct investments” shall mean holdings directly managed by the fiduciaries mentioned  in this section and all holdings administered directly by the city.  

 (b) The following types of investments shall be subject to divestment: 

(1) The city will refrain, to the best of its ability, from purchasing or reinvesting in foreign  sovereign bonds or government debt securities (whether publicly traded or those underwritten  or sold by a corporation). 

(2) The city will refrain, to the best of its ability, from investing its direct investments in  complicit entities, as defined in section (a)(2) above. Existing investment in such complicit  entities will be terminated, based on fiduciary duty considerations, and new investment in  such entities is to be avoided.  

(3) City staff will regularly use the above mentioned resources and other reputable sources to  screen direct city investment for any such sovereign debt or investment in complicit entities  and determine the actions to be taken, in accordance with fiduciary duty considerations.  (4) If the city has or plans to invest indirectly in either co-mingled accounts or state-managed  funds, it will officially and publicly ask the managers of these accounts or funds to consider  adopting the above restrictions on its investments.  

 (c) The provisions of this section shall apply to all investments of city funds. (1) Exceptions: This section shall not apply when application would result in a violation of  the City’s fiduciary responsibilities to its pensioners and beneficiaries.  

 (d) Review, Reporting and Compliance: 

(1) Upon passage, and annually henceforth, the City Treasurer shall review the investment  portfolio of the City of Providence to the best of their ability, identifying holdings which  might not conform with this section’s restrictions.  

(2) It shall be the duty of the City Treasurer to submit an annual report to the City Clerk no  later than January 31 of each calendar year describing the status of implementation of this  section's restrictions, which will be made publicly available.  

 (e) Severability Clause:  

(1) The provisions of this Article are severable, in the event any provision is held illegal.   (f) This ordinance shall take effect upon passage.