(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 as well as the probable income to be derived.
(b) The standard of prudence to be used by the Director of Finance and Public Record shall be the “prudent person” standard and shall be applied in the context of managing the overall portfolio. Acting in accordance with this investment policy and exercising due diligence shall relieve the Director of Finance and Public Record of personal responsibility for an individual security’s credit risk or market price changes, provided deviations from expectations are reported to the Council in a timely fashion and appropriate action is to take control adverse developments.
(Ord. 16-2016, passed 7-18-2016)