(A) No public funds under the care and custody of the Collector-Treasurer of the city, as specified in Subsection 6-3.11, shall be invested or remain invested in the stocks, securities or other obligations of any company which derives more than 15% of its revenue from the sale of tobacco products.
(B) (1) No public funds under the care and custody of the Collector-Treasurer of the city, as specified in Subsection 6-3.11, shall be invested or remain invested in the stocks, securities or other obligations of any company which derives more than 15% of its revenue from the combustion, distribution, extraction, manufacture or sale of fossil fuels, which shall include coal, oil and gas or fossil fuel products. The Collector-Treasurer of the city shall divest public funds under their care from investments related to fossil fuels no later than December 31, 2025.
(2) An electric distribution company with corporate affiliates that combust, distribute, extract, manufacture or sell fossil fuels may be considered a fossil fuel investment for definition purposes.
(C) No public funds under the care and custody of the Collector-Treasurer of the city, as specified in Subsection 6-3.11, shall be invested or remain invested in the stocks, securities or other obligations of any company which derives more than 15% of its revenue from the operation, maintenance, servicing or supply of carceral facilities.
(D) Any proceeds of the sales required under this Subsection shall be invested as much as reasonably possible in institutions or companies which invest or conduct business or operations in the city or the commonwealth so long as such use is consistent with sound investment policy.
(CBC 1985 6-3.7; Ord. 1997 c. 3; Ord. 2021 c. 15 § 1)
Editor’s note:
Former Subsection 6-3.7, Divesting Municipal/Public Monies Dealing with South Africa, previously codified herein and containing portions of Ordinance Nos. 1984 c. 19 and 1991 c. 6 was repealed in its entirety by Ordinance No. 1994 c. 4.