§ 33.18  STANDARDS OF CARE.
   (A)   Delegation of authority. The Trafalgar Clerk-Treasurer, hereinafter referred to as the Investment Officer, shall be responsible to oversee the day-to-day management of the town’s investments pursuant to I.C. 36-5-6-6. Should the town elect to select an outside investment advisor, such advisor or firm must be registered under the Investment Advisor’s Act of 1940.
   (B)   Prudence. The standard of prudence to be used by the Investment Officer shall be the “prudent person” standard and shall be applied in the context of managing all funds of the Town. The “prudent person” standard states that, “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.”
   (C)   Ethics and conflicts of interest. The Investment Officer and employees involved in the investment process shall refrain from personal business activity that could conflict with the proper execution and management of the investment program, or that could impair their ability to make impartial decisions. The Investment Officer and employees shall disclose any material interests in financial institutions with which they conduct business. They shall further disclose any personal financial/investment positions that could be related to the performance of the investment portfolio.
(Ord. 2014-012, passed - - )