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| 2 | 2 | | SENATE DOCKET, NO. 80 FILED ON: 1/10/2023 |
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| 3 | 3 | | SENATE . . . . . . . . . . . . . . No. 1298 |
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| 4 | 4 | | The Commonwealth of Massachusetts |
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| 5 | 5 | | _________________ |
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| 6 | 6 | | PRESENTED BY: |
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| 7 | 7 | | Anne M. Gobi |
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| 8 | 8 | | _________________ |
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| 9 | 9 | | To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General |
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| 10 | 10 | | Court assembled: |
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| 11 | 11 | | The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill: |
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| 12 | 12 | | An Act authorizing municipal use of the prudent investor standards. |
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| 13 | 13 | | _______________ |
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| 14 | 14 | | PETITION OF: |
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| 15 | 15 | | NAME:DISTRICT/ADDRESS :Anne M. GobiWorcester and Hampshire 1 of 2 |
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| 16 | 16 | | SENATE DOCKET, NO. 80 FILED ON: 1/10/2023 |
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| 17 | 17 | | SENATE . . . . . . . . . . . . . . No. 1298 |
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| 18 | 18 | | By Ms. Gobi, a petition (accompanied by bill, Senate, No. 1298) of Anne M. Gobi for legislation |
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| 19 | 19 | | to authorize municipal use of the prudent investor standards. Municipalities and Regional |
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| 20 | 20 | | Government. |
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| 21 | 21 | | [SIMILAR MATTER FILED IN PREVIOUS SESSION |
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| 22 | 22 | | SEE SENATE, NO. 1336 OF 2021-2022.] |
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| 23 | 23 | | The Commonwealth of Massachusetts |
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| 24 | 24 | | _______________ |
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| 25 | 25 | | In the One Hundred and Ninety-Third General Court |
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| 26 | 26 | | (2023-2024) |
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| 27 | 27 | | _______________ |
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| 28 | 28 | | An Act authorizing municipal use of the prudent investor standards. |
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| 29 | 29 | | Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority |
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| 30 | 30 | | of the same, as follows: |
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| 31 | 31 | | 1 SECTION 1. Section 54 of chapter 44 of the General Laws, as appearing in the 2022 |
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| 32 | 32 | | 2Official Edition, is hereby amended by inserting the following subtitle: |
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| 33 | 33 | | 3 “(a) General Rule:” |
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| 34 | 34 | | 4 Section 2. Said section is hereby amended by inserting at the end thereof, the following |
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| 35 | 35 | | 5subsection:- |
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| 36 | 36 | | 6 (b) Prudent Investor Rule |
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| 37 | 37 | | 7 This paragraph shall take effect in any city, town or district upon acceptance in |
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| 38 | 38 | | 8accordance with the provisions of General Laws Chapter 4, Section 4. Upon acceptance of this |
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| 39 | 39 | | 9paragraph any city, town, or district may manage trust funds held in its custody as a combined 2 of 2 |
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| 40 | 40 | | 10investment pool and may invest said funds in accordance with the provisions of the |
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| 41 | 41 | | 11Massachusetts Prudent Investor Act of Chapter 203C of the General Laws and not in accordance |
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| 42 | 42 | | 12with paragraph (a) of this section. If any provision of this paragraph conflicts with the terms of a |
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| 43 | 43 | | 13bequest, trust, or other instrument that expresses the clear intent of the donor, then such funds |
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| 44 | 44 | | 14may be managed and invested only in accordance with the terms of such bequest, trust, or other |
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| 45 | 45 | | 15instrument. |
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