Section 1: Notwithstanding any general or special law to the contrary, the Somerville Retirement Board (hereinafter referred to as SRB) may, in accordance with the procurement process described in Chapter 32, section 23B of the General Laws, divest in whole or in part from any investment in fossil fuel companies. In accordance with this provision, the SRB may, after following said procurement process, invest in index funds or other investment vehicles that may not include fossil fuel companies. For the purposes of this section, fossil fuel companies shall be defined as a company identified by a Global Industry Classification System code in one of the following sectors: (1) coal and consumable fuels; (2) integrated oil and gas; (3) oil and gas exploration and production.
Section 2: This act shall take effect upon its passage.
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