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 Northampton may invest trust funds in the custody of the treasurer in accordance with the prudent investor rule and sections 3, 4, 5, 8 and 9 of chapter 203C of the General Laws. The treasurer, in consultation with the city’s trust fund committee, shall develop investment policies which shall include an asset allocation policy and shall select professional investment advisors to manage such funds.
SECTION 2. Section 54 of chapter 44 of the General Laws shall not apply to the city of Northampton.
SECTION 3. This act shall take effect upon its passage.
Approved February 21 , 2008