SENATE, No. 2400

By Mr. Rosenberg, a petition (accompanied by bill, Senate, No. 2400) of Stanley C. Rosenberg and Peter V. Kocot (with the approval of the mayor and city council) for legislation relative to the investment of trust funds for the city of Northampton. Municipalities & Regional Government. {Local approval received.}

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The Commonwealth of Massachusetts

Seal of the Commonwealth of Massachusetts

In the Year Two Thousand and Seven.

AN ACT RELATIVE TO THE INVESTMENT OF TRUST FUNDS FOR THE CITY OF NORTHAMPTON.

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

SECTION 1.   Notwithstanding any general or special law to the contrary, the treasurer of the City of Northampton may invest trust funds in the custody of the treasurer in accordance with the prudent investor rule, and Sections 3, 4, 5, 8 and 9 of Chapter 203C of the General Laws. The treasurer, in consultation with the city’s trust fund committee, shall develop investment policies which shall include an asset allocation policy and shall select professional investment advisors to manage such funds.

SECTION 2. Section 54 of chapter 44 of the General Laws shall not apply to the City of Northampton.

SECTION 3. This act shall take effect upon passage.