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S74: Town of Chapel Hill Charter/Investments. Latest Version



AN ACT AMENDING THE CHARTER OF THE town of chapel hill TO AUTHORIZE THE TOWN TO invest employee benefit funds held in trust in one or more of the types of securities or other investments authorized by state law for the state treasurer.

The General Assembly of North Carolina enacts:

SECTION 1.  Chapter IV of the Charter of the Town of Chapel Hill, being Chapter 473 of the Session Laws of 1975, as amended, is amended by adding a new Article to read as follows:

Article 5. Investments.

Sec. 4.30. Investments. In addition to the authority granted in G.S. 159‑30, the Town, or any governing body, agency, person, or other corporation that contracts with the Town, may invest and reinvest any of the Town's employee benefit funds held in trust, risk reserve funds, and capital reserves, as designated from time to time by the Town's governing body, in one or more of the types of securities or other investments authorized by State law for the State Treasurer in G.S. 147‑69.2(b)(1) through (6) and (8).

Sec. 4.31. through Sec. 4.40. RESERVED.

SECTION 2.  This act is effective when it becomes law.