(A) Delegation of authority. Authority to manage the investment program is hereby delegated to the Fiscal Officer/Clerk-Treasurer, who shall act in accordance with the established written procedures and internal controls for the operation of the investment program, consistent with this investment policy or as directed from time to time by the Town Council. The Clerk-Treasurer shall be responsible for all transactions undertaken and shall establish a system of controls to regulate the activities of subordinate officials. No person may engage in an investment transaction except as provided under the terms of this policy and the procedures established by the Clerk-Treasurer.
(B) Prudence. The standard of prudence to be used by the investment officials shall be the “prudent person” standard and shall be applied in the context of managing an overall portfolio. Investment officers acting in accordance with written procedures and this investment policy and exercising due diligence shall be relieved of personal responsibility for an individual security’s credit risk or market price changes, provided deviations from expectations are reported in a timely fashion and the actions of the investment officer are in accordance with this policy.
(C) Ethics and conflicts of interest. Officers and employees involved in the investment process shall refrain from personal business activity that could conflict with the proper execution and management of the investment program, or that could impair their ability to make impartial decisions. Investment officials shall disclose any material interest in financial institutions with which they conduct business on behalf of the town. They shall further disclose any personal financial/investment positions that could be related to the performance of the investment portfolio.
(Res. R-18-02, passed 1-30-2018)