Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. Section 2 of chapter 312 of the acts of 1981, as appearing in section 1 of chapter 412 of the acts of 1990, is hereby further amended by striking out the first sentence and inserting in place thereof the following eight sentences:- Except as otherwise specifically provided in this act, expenditure from the account authorized by section one shall be made by the director of the Quincy city hospital, without appropriation, and used for the operation, maintenance and service development of said hospital and for capital, equipment and plant for said hospital. Said account authorized by section one shall be deemed to be a trust fund. Said fund shall be maintained on behalf of the Quincy hospital by the Quincy city hospital investment committee, appointed as provided for in this section, hereinafter referred to as the investment committee, and the funds therein shall be invested by the treasurer of the city of Quincy solely at the direction of and within the discretion of the investment committees, and income accruing thereon shall inure to the benefit of said Quincy city hospital provided that said funds shall be invested in the same manner and be subject to the same terms and conditions as provided in section fifty-four of chapter forty-four of the General Laws. Said investment committee shall consist of the treasurer of the city of Quincy, the auditor of the city of Quincy, the director and chief financial officer of the Quincy city hospital; three members of the board of managers of the Quincy city hospital who shall be appointed by the board of managers of said hospital for such terms as it deems appropriate; provided, however, that such term of appointment shall be for less than two years; and two persons with expertise in financial investment activities who shall be appointed by the board of managers of said hospital for such terms as it deems appropriate; provided, however, that such term of appointment shall be for less than two years. Said investment committee shall take all actions by affirmative vote of at least five of its members. Said investment committee shall report in writing, at least quarterly, to the board of managers of the Quincy city hospital and to the mayor and the city council of said city of its activities and investments. Said investment committee is hereby authorized to enter into contracts for such professional services as it deems proper to advise said committee relative to the investment of the funds in said account, and is further authorized to expend funds from said account for said purpose. Funds in such account that are deposited in or invested in a banking institution as permitted by said section fifty-four of said chapter forty-four may be used by the Quincy city hospital, with the approval of the investment committee, to secure credit on behalf of said hospital from any such banking institution.
SECTION 2. Said section 2 of said chapter 312, as so appearing, is hereby further amended by striking out the fifth sentence.
SECTION 3. This act shall take effect upon its passage.