AN ACT RELATIVE TO THE CAPITAL INVESTMENT FUND OF THE TOWN OF STERLING.
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. Section 1 of chapter 6 of the acts of 1998 is hereby amended by striking out the third paragraph and inserting in place thereof the following paragraph:-
The treasurer of the town shall be the custodian of the fund and shall invest the fund, including any interest, dividends and gain thereon in accordance with the Massachusetts Prudent Investor Act, codified in chapter 203C of the General Laws, and a conforming town capital investment policy, which is jointly approved by a majority vote of each of the board of selectmen, the finance committee and the Capital Investment Fund committee during a duly posted public hearing, for which not less than 15 days public notice has been given. A modification or change shall not be made to the town’s capital investment policy without a majority approval of each of the 3 bodies during a public hearing after not less than 15 days public notice of the proposed modification or changes.
Approved, September 26, 2013.