(A) The actions of the Finance Committee members in the performance of their duties as managers of the City of Hurstbourne funds shall be evaluated using the “prudent man” 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 Finance Committee members 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 government body and appropriate action is taken to control adverse developments.
(Ord. 12-06, passed 9-25-12)