(A) The Clerk-Treasurer and all other persons who are responsible for investing funds have fiduciary responsibilities to the Village Council. Such persons shall seek to follow an investment strategy based on the “prudent person” standard. The prudent person standard requires the Clerk-Treasurer to exercise care and skill that a prudent person would use to manage his or her personal financial affairs. The prudent person standard requires the Clerk-Treasurer to seek investments, which will preserve principal while maximizing income.
(B) The Clerk-Treasurer, acting in accordance with this policy or any other written procedures approved by Council pertaining to the administration and management of funds available for investment and who exercise the proper due diligence, shall be considered to be acting within the scope of authority of the office. Any deviation from the investment policy set forth herein shall be reported immediately to the Mayor, the Finance Committee Chair and the Village Administrator. The Clerk-Treasurer shall take appropriate action immediately to mitigate to the extent possible any further adverse effects of a particular investment and to ensure that such an investment is consistent with the investment objectives set forth herein.
(Ord. 01-2013, passed 1-7-2013)