SECTION ONE: That Chapter 11 Finance, Article II Officers, Division 2, entitled “City Treasurer” of the Code of the City of Peabody is hereby amended as follows:
Section 11-34 Investments
“The City of Peabody adopts Massachusetts General Laws, Chapter 203C, Prudent Investor Rule. This adoption is limited to the use of Standard and Poor’s top 100 stocks only.”
SECTION TWO: All ordinances or parts of ordinances inconsistent herewith are hereby repealed.
SECTION THREE: This ordinance shall take effect as provided by law.
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