(a) The "prudent person" standard shall be used in the management of the overall investment
portfolio. The city manager, acting as a "prudent person" in accordance with these
written policies and procedures, and exercising due diligence, shall not be responsible
for an individual security's credit risk or market price changes provided that appropriate
monitoring efforts are performed.
(b) The "prudent person standard" is herewith understood to mean the following: "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."
(Ord. No. 95-44, § 1, 12-19-95)
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