(A) The actions of the city officials in the performance of their duties as managers of the city funds shall be evaluated using the “prudent person” 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 city officials 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.
(C) Ethics and conflicts of interest. Officers and employees involved in the investment process shall refrain from personal activity that could conflict with the proper execution and management of the investment program, or that could impair their ability to make impartial investment decisions. Employees and investment officials shall disclose any material interests in financial institutions with which they conduct business. Disclosure shall be made to the governing body. They shall further disclose any personal financial/investment positions that could be related to the performance of the investment portfolio. Employees and officers shall refrain from undertaking any personal investment transactions with the same individual with whom business is conducted on behalf of the city.
(Ord. 8, Series 2013-2014, passed 6-3-2014; Ord. 3, Series 2021-2022, passed 8-3-2021)