HOUSE DOCKET, NO. 2699        FILED ON: 1/18/2013

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 3357

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Harold P. Naughton, Jr. and Kimberly N. Ferguson

_________________

To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act relative to the capital investment fund of the town of Sterling.

_______________

PETITION OF:

HOUSE DOCKET, NO. 2699        FILED ON: 1/18/2013

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 3357

The Commonwealth of Massachusetts

_______________

In the Year Two Thousand Thirteen

_______________

An Act relative to the capital investment fund of the town of Sterling.

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:  Section 1 Chapter 6 of the Acts of 1998 is hereby amended by striking the third paragraph, and inserting inplace thereof the following paragraph:-

“The treasurer of said town shall be the custodian of the fund and shall invest the fund, including any interest, dividends and gain thereon according to M.G.L. Chapter 203C, otherwise known as the Massachusetts Prudent Investor Act, and a conforming town Capital Investment Policy which is jointly approved by a majority of each of the Board of Selectmen, the Finance Committee, and the Capital Investment Fund Committee during a duly posted public hearing, for which not less than 15 days public notice has been given. No modification or changes may be made to the town’s Capital Investment Policy without a majority approval of each of the three said bodies during a public hearing after not less than 15 days public notice of said proposed modification or changes”.

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