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 Newton may invest the funds of the city in the custody of the treasurer in accordance with the investor rule, and sections 3, 4, 5, 8 and 9 of chapter 203C of the General Laws. The treasurer, in consultation with each trust fund board of trustees, shall develop investment policies which shall include an asset allocation policy for each trust fund and shall select professional investment advisors to manage the funds.
SECTION 2. Section 54 of chapter 44 of the General Laws shall not apply to the city of Newton.
SECTION 3. This act shall take effect upon its passage.
Approved July 25, 2007.