(A) Prudence. Debt shall be issued with judgment and care under the circumstances then prevailing, which persons of prudence, discretion, and intelligence exercise in the management of their own affairs. The standard of prudence to be used by debt management officials shall be the “prudent person” standard and shall be applied in the context of managing an overall debt portfolio. City officers and employees acting in accordance with this policy, and any other written procedures, and exercising due diligence shall be relieved of personal liability, provided that officers and employees report deviations from expectations in a timely fashion and take appropriate action to control adverse developments.
(B) Maintaining the public trust. All participants in the debt management process shall seek to act responsibly as custodians of the public trust and shall avoid any transaction that might impair public confidence in the city.
(C) Ethics and conflicts of interest. Officers and employees of the city who are involved in the debt management process shall refrain from personal business activity that could conflict with proper execution and management of the debt program, or which could impair their ability to make impartial decisions. Employees and officials shall disclose to the Board any material interests in financial institutions with which they conduct business.
(Ord. 19-012, passed 5-2-19)