(A) The actions of the City Clerk-Treasurer in the performance of his duties as manager of the city's funds shall be evaluated using the "prudent person" standard. Investments shall be made with judgment and care under prevailing circumstances which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment considering the probable safety of their capital as well as the probable income to be derived.
(B) The City Clerk-Treasurer acting in accordance with written procedures and exercising due diligence shall be relieved of personal responsibility for an individual security's performance, provided that deviations from expectations are reported in a timely fashion to the City Council and appropriate action is taken to control adverse developments.
(Ord. 12-94-1, passed 12-19-94)