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6-3.6   Custody and Deposit of Funds; Signing Bonds; Treasurer of Sinking Fund Commissioners.
   The Collector-Treasurer shall receive, receipt for and have the care, and custody of, the current funds of the city from the time the same shall come into his or her possession, and also of all money, property and securities which may come into his or her possession by virtue of any statute or ordinance, or as a gift, devise, bequest or deposit; may deposit any portion of such current funds in such savings banks or trust companies organized under the laws of the commonwealth and doing business in the city or such national banks doing business in the city or such national bank or trust company in the City of New York, and on such conditions and rates of interest, as he or she shall deem best, subject to the approval of the Mayor; provided, however, that no such deposit shall be made except in conformity with law; shall, with the Mayor and the City Auditor, sign all bonds and certificates of indebtedness issued by the city; shall preserve all bids for loans, and papers relating thereto; and shall, if elected, serve as Treasurer of the Board of Commissioners of Sinking Funds. If the Collector-Treasurer is elected Treasurer of said Board, his or her bond as Collector-Treasurer shall apply to and include his or her duties as Treasurer of said Board. The Collector-Treasurer shall not be eligible for appointment to said Board.
(Rev. Ord. 1961 c. 25 s. 6; CBC 1975 Ord. T6 § 155; Ord. 1990 c. 3; CBC 1985 6-3.6)
Cross-reference:
   Ord. ss 6-1.1; Ord. ss 6-1.2
6-3.7   Prohibiting Certain Local Investments.
   (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.
6-3.7.2   Report on Local Investment.
   Upon compliance of Subsection 6-3.7, the Collector-Treasurer shall submit a report within 120 days to the Boston City Council regarding the status of investments affected by Subsection 6-3.7.
(CBC 1985 6-3.7.2 Ord. 2021 c. 15 § 2)
6-3.8   Payments of Money by Collector-Treasurer.
   The Collector-Treasurer shall pay over to the Board of Commissioners of Sinking Funds all money received by him or her from assessments laid or to be laid on account of betterments from public improvements the expenses of which were paid for by the proceeds of loans, and all sums received from the sale or lease of city property purchased out of the proceeds of loans, except where provision to the contrary is made by statute or ordinance, to be by them credited to the Sinking Funds established for such loans, or in case of serial loans to be held by them toward paying the installments as they fall due. The Collector-Treasurer shall also pay all drafts, checks and other orders directed to him or her by the City Auditor, in accordance with these Sections, for the payment of bills and demands against the city; shall on presentation pay every execution against the city, when approved by the Corporation Counsel, even if the appropriation to which the execution is chargeable is not sufficient to meet it; shall pay on presentation when due all bonds issued by the city and the interest on the same; shall cancel all bonds and coupons and daily deliver to the City Auditor the bonds and executions paid during the day; shall at the close of business on the last day of each month deliver to the City Auditor the coupons paid during such month and statement of the total amount paid for interest during such month and shall use and apply as the Boston City Council may direct all property, money and securities in his or her care and custody at the close of each financial year for the application of which no other provision has been made.
(Rev. Ord. 1961 c. 25 § 7; CBC 1975 Ord. T6 § 156; CBC 1985 6-3.8)
Cross-reference:
   Ord. ss 6-1.3; Ord. ss 8-7.1
6-3.9   Monthly Reports.
   The Collector-Treasurer shall, on or before the tenth of each month, render to the Mayor a statement of the receipts and payments of the Treasury Department for the preceding month and a summary of the like items for the current financial year up to the close of the preceding month.
(Rev. Ord. 1961 s. 25 § 8; CBC 1975 Ord. T6 § 157; CBC 1985 6-3.9)
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