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.
The standard of prudence to be used by the treasurer shall be the “prudent person standard” defined above, and shall be applied in the context of managing an overall portfolio. The treasurer acting in accordance with written procedures and the investment policy and exercising due diligence shall be relieved of personal responsibility for an individual security’s credit risk or market price changes, provided deviations from expectations are reported to the mayor in a timely fashion and appropriate action is taken to control adverse developments. (Ord. 2937 § 1, 2014)