(A) Investments shall be made with the exercise of that degree of 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 (hereinafter referred to as "The Prudent Person Standard").
(B) The standard of prudence to be used by investment officials shall be The Prudent Person Standard and shall be applied in the context of managing an overall portfolio. Investment officials acting in accordance with written procedures and this policy and exercising due diligence shall be relieved of personal responsibility for an individual security's performance provided deviations from expectations are reported in a timely fashion and appropriate action is taken to control adverse developments.
(1974 Code, § 39.23) (Ord. 9-94, passed 5-2-1994; Am. Ord. 11-19, passed 5-6-2019)