Page 260 - FY2020Colleyville

3. The investment officer has acquired from the business
organization during the previous year, investments with a book
value of $2,500 or more for the personal account of the
investment officer.

B. If they are related within the second degree by affinity or consanguinity,
as determined by Chapter 573 V.A.T.C.S. to an individual seeking to sell
an investment to the City of Colleyville.

Investment Officers shall notify the City Council in writing of any conflicts of
interest, as defined by PFIA, no later than the next regularly scheduled Council
meeting.

Prudence

Investments shall be made with judgement 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.

Investment Officers acting in accordance with written procedures 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 in a timely fashion and appropriate action is
taken to control adverse developments.

It is the policy of the City that the Investment Officers perform their duties in
accordance with the policies and procedures set forth in this policy. The
Investment Officers of the City shall be personally indemnified in the event of
investment loss provided the Investment Policy is followed.

Internal Controls

The Director of Finance and Accounting Manager shall establish a system of
written internal controls which shall be reviewed by an independent auditor in
conjunction with the annual financial audit. The controls shall be designed to
prevent the loss of public funds due to fraud, error, misrepresentation,
unanticipated market changes or imprudent actions.

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