(A) Prudence. Investments shall be made with judgment and care, under circumstances then prevailing, by persons of prudence, discretion, and intelligence; experienced in the management of their own affairs, not for speculation, but for investment; considering the primary objective of safety as well as the secondary objective of the attainment of market rates of return. The standard of prudence to be used by investment officials shall be that of a "prudent person" and shall be applied in the context of managing an overall portfolio. The members of the Board, and other Board officials, acting in accordance with written procedures and exercising due diligence, shall be relieved of personal responsibility for an individual security's credit risk or market price changes, provided that deviations from expectation are reported in a timely fashion, and appropriate action is taken to control adverse developments.
(B) Ethics and Conflicts of Interest. It is the policy of the Board of Trustees that no Board member, officer or Board employee shall be also an employee of or have any interest in any institution, investment manager, whether individual or company, or investment advisor, whether individual or company, under any agreement with the Board for the investment of Board Funds. Additionally, it is the policy of the Board of Trustees that all elected and appointed officials and employees of the Board shall comply with the Public Officer Prohibited Activities Act, ILCS Ch. 50, Act 105, §§ 3 et seq.
(Ord. 2710-99, passed 10-20-99; Am. Ord. 21-1696, passed 4-7-21)