(A) The authority to operate and manage the investment program is granted to the Council which may delegate such authority, together with any investment officer(s) that the Council designates as such (together, the “investment officers”). the Clerk-Treasurer, the Council and any additional investment officers, which may include third party investment advisors, shall establish controls and procedures to implement this program which shall include regular quarterly reporting to the Council.
(B) The standard of care shall be as follows.
(1) Prudence.
(a) Investments shall be made in accordance with the prudent person standard. This standard provides that an investor shall act with the care, skill, prudence and diligence under the circumstances then prevailing, that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of like character and with like aims.
(b) Investment officers acting in accordance with this investment policy statement and any written procedures and exercising due diligence, shall be relieved of personal liability for an individual security’s credit risk or market price changes, provided that deviations from expected results are reported in a timely fashion and that appropriate action is taken to control adverse developments.
(2) Ethics and conflicts of interest. Investment officers shall refrain from personal business activity that could conflict with the proper execution and management of the city’s investment program, or that could impair their ability to make impartial decisions. Investment officers should also maintain knowledge of all applicable laws, rules and regulations; and not knowingly violate, or participate or assist in the violation of, such laws, rules and regulations.
(Prior Code, § 2-534) (Ord. 13-33, passed 12-9-2013; Ord. 14-31, passed 7-14-2014)