By Mrs. Harkins of Needham, petition (accompanied by bill, House, No. 4826) of Lida Harkins  (by vote of the town) relative to the post retirement lilability fund in the town of Needham. Municipalities and Regional Government.

The Commonwealth of Massachusetts

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PETITION OF:

Lida E. Harkins

Scott P. Brown

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In the Year Two Thousand and Eight.

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An Act relative to the post retirement liability fund in the town of Needham

    Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

That the Town vote to authorize the Board of Selectmen to petition the General Court, in compliance with Clause (1), Section 8 of Article LXXXIX of the Amendments of the Constitution, to the end that legislation be adopted precisely as follows.  The General Court may make clerical or editorial changes of form only to the bill, unless the Town Manager approves in writing amendments to the bill before enactment by the General Court.  The Town Manager is hereby authorized to approve amendments that shall be within the scope of the general public objectives of this petition.

Be it enacted by the Senate and House of Representatives in the General Court assembled, and by the authority of same, as follows:

Section 1.  Section 1 of chapter 10 of the acts of 2002 is hereby amended in lines 10 and 11 by striking out the words “in such securities as are legal for the investment of funds of savings banks under the laws of the commonwealth.” and inserting in place thereof the following words: with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims.

Section 2. This act shall take effect upon its passage.

Or take any other action relative thereto.

INSERTED BY:  Board of Selectmen

FINANCE COMMITTEE RECOMMENDS THAT: