The fiscal officer and all other persons who are responsible for investing public funds have fiduciary responsibilities to the city and the public. Such persons shall seek to follow an investment strategy based on the "prudent person" standard. The prudent person standard requires the fiscal officer and other fiduciaries to exercise the care, skill, and experience that a prudent person would use to manage his personal financial affairs. The prudent person standard requires the fiscal officer and other fiduciaries to seek investments which will preserve principal while maximizing income.
(Ord. 1-97, passed 2-12-97)