(A) Investments shall be made with judgment and care, under circumstances then prevailing, 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 and the probable income to be derived.
(B) The standard of prudence to be used by investment officials shall be the “prudent person” standard and shall be applied in managing an overall portfolio. Investment officers, acting following written procedures, the investment policy and applicable law 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 quickly and appropriate action is taken to control adverse developments.
(Ord. 521, passed 6-13-2006)