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Council moves values‑aligned investments ordinance to third reading after debate over legal and fiduciary risks
Summary
After councilors debated a KP Law opinion that flagged potential state‑law and fiduciary conflicts, the Medford City Council voted to take the values‑aligned local investments ordinance from the table and approve it for third reading; supporters said the measure encourages prudent, value‑driven investment review while opponents raised legal questions and asked for further vetting.
The Medford City Council advanced a proposed values‑aligned local investments ordinance to third reading after extended debate about whether the city could lawfully adopt investment restrictions based on values and whether the proposal would conflict with state law or fiduciary duties.
Councilor Scarpelli read an emailed legal memorandum from KP Law that cautioned the council about potential conflicts with Massachusetts statutes governing municipal trust investments and fiduciary responsibilities, and recommended consultation with the…
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