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"prudent person" standard as established by the Act and shall be applied in the
context of managing the overall portfolios. The "prudent person" standard states
that:

“Investments shall be made with judgment and care, under
prevailing circumstances, that a person of prudence, discretion,
and intelligence would exercise in the management of the
person's own affairs, not for speculation, but for investment,
considering the probable safety of their capital and the probable
income to be derived.”

Investment Officer(s) acting in accordance with promulgated procedures and this
Investment Policy and Strategy and exercising due diligence shall be held
accountable for any individual security's credit risk or market price changes but
shall not be personally liable for deviations from expectations so long as deviations
from expectations are reported in a timely fashion and appropriate action is taken
to control adverse developments.

VII. Responsibility and Delegation of Authority

A. City Council
By law, the City Council retains ultimate fiduciary responsibility for the portfolios.
The Council is to receive quarterly reports and annually review and adopt the
Investment Policy and Strategy. In addition, the Council is responsible for
designating one or more individuals to serve as Investment Officer(s). In
accordance with the Act, the Council may retain responsibility for reviewing and
approving authorized broker/ dealers and investment training sources or designate
those two responsibilities to the Investment Committee.

B. Investment Officer(s)
In accordance with the Act, by adoption of this policy, the City Council designates
and appoints the individuals holding the following positions to serve as Investment
Officers to serve in accordance with state law and be responsible for the
investment of City funds consistent with this Investment Policy and Strategy: the
City's Chief Financial Officer/ Director of Finance, the Finance Department
Assistant Director for Treasury Services, and the Treasury Supervisor.

The City may contract with a registered Investment Advisor to provide guidance in
the management of the portfolios; however, the Investment Officer(s) will be
responsible for investment decisions and activities. The Investment Officer(s) and
Advisor shall seek to act responsibly as custodians of the public trust. No
Investment Officer may engage in an investment transaction except as provided
under the terms of this policy and procedures adopted in accordance with this

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