Newport City Ballot Measure - CHARTER AMENDMENT RE: TRUST AND INVESTMENT COMMISSION

Shall Section 4-7 of the City Charter be amended to read as follows: “There shall be a Trust and Investment Commission, which commission shall consist of five members who shall be chosen by the City Council on the basis of their knowledge of investments and financial management of pension and other post-employment benefit funds. This commission shall be responsible for overseeing the investments, including the selection and monitoring of all funds now held or hereafter held for the benefit of police and fire pensions; the payment of pensions for city police and fire department employees, including health benefits and premiums for retired city and school department employees; and as trusts and scholarship funds donated or bequeathed to the city to be used for specific purposes. The Commission’s oversight does not extend to any funds held by the city in cash to pay current benefits and expenses. Said commission shall have the power to sell, exchange, invest or reinvest said funds and to receive, collect and hold all income thereof and for the purposes prescribed by law or by said will, deed, gift or indenture. Said commission may recommend the engagement by the city of an investment advisor to help meet its responsibilities and shall have such other powers and duties, and its members shall be appointed and serve for such terms, as the Council may by said ordinance prescribe. The commission shall be indemnified by the city pursuant to R.I. General Laws §45-15-16.”?