Policy Order O-4

Policy Order Resolution O-4 IN CITY COUNCIL April 29, 2002 MAYOR SULLIVAN VICE MAYOR DAVIS COUNCILLOR DECKER COUNCILLOR GALLUCCIO COUNCILLOR MAHER COUNCILLOR MURPHY COUNCILLOR REEVES COUNCILLOR SIMMONS COUNCILLOR TOOMEY WHEREAS: From this date forward, the Cambridge City Council desires the City of Cambridge to implement a policy to not purchase bonds issued by the International Bank for Reconstruction and Development (the World Bank) or invest money in any investment fund that holds World Bank bonds, until such date as the World Bank implements all of the following conditions: · Cancel 100% of illegitimate debts owed to them, without use of tax dollars; · Make all board meetings of the World Bank open to the public and to the news media; · Make all decisions by recorded vote, and make transcripts available after the meetings; · Make all negotiations with developing country government fully transparent, with all agreements available for public inspection, debate, and approval before they are signed; · Make a firm, verifiable commitment not to impose Structural Adjustment and similar conditions as a requirement for loans; · Make a firm, verifiable commitment not to require privatization of basic services such as health care, education, and water supply, and not to require “user fees” for these services as a condition for loans, and particularly, not to require African countries to impose user fees and reduce poor people’s access to health care at a time when the African continent is being ravaged by AIDS; · Make a firm, verifiable commitment not to lend for environmentally destructive projects such as large dams, logging, oil and gas, mining, and unsustainable fishing, and particularly, to implement the recommendations of the World Commission on Dams; and WHEREAS: The City Council desires investigation of additional means by which the City of Cambridge can take action against the policies of the World Bank; now therefore be it ORDERED: That the City Manager be and hereby is requested to report back to the City Council with a plan for implementation of the policy set forth in the first paragraph of this order; and be it further ORDERED: That the City Manager investigate and report on what other steps the City could take to oppose the destructive polices of the World Bank; and be it further ORDERED: That the City Clerk forward a copy of this resolution to the Massachusetts Congressional Delegation on behalf of the entire City Council.