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_ _ <br /> r - `iR, N HILLS <br /> CITY OF ARDEN HILLS <br /> COUNTY OF RAMSEY <br /> STATE OF MINNESOTA <br /> FINANCIAL POLICIES- <br /> INVESTMENT POLICY <br /> I. Purpose `- `YY <br /> It is the policy of the City to invest public funds in a manner which maximizes return and <br /> provides maximum security in preserving and protecting funds while meeting the daily cash flow <br /> demands and conforming to all applicable federal, state and/or local statutes government the <br /> investment of public funds. <br /> 2. Standards of Care <br /> A. Prudence—The standard of prudence to be used shall be the "prudent person" <br /> standard and shall be applied in the context of managing an overall portfolio_ <br /> III Individuals acting in accordance with written procedures and this investment <br /> policy and exercising due diligence shall be relieved of personal responsibility for <br /> an individual security's credit risk or market price changes, provided deviations <br /> from expectations are reported in a timely fashion and the liquidity and the sale of <br /> securities are carried our in accordance with the terms of this policy. <br /> The "prudent person" standard states that, "Investments shall be made with <br /> judgment and care, under circumstances then prevailing,which persons of <br /> prudence, discretion and intelligence exercise in the management of their own <br /> affairs, not for speculation, but for investment,considering the probable safety of <br /> their capital as well as the probable income to be derived." <br /> B. Ethics and Conflicts of Interest— Employees involved in the investment process <br /> shall refrain from personal business activity that could conflict with the proper <br /> execution and management of the investment program, or that could impair their <br /> ability to make impartial decisions. Employees shall disclose any material <br /> interests in financial institutions with which they conduct business. They shall <br /> further disclose any person financial/investment positions that could be related to <br /> the performance of the investment portfolio. Employees shall refrain from <br /> undertaking personal investment transactions with the same individual with whom <br /> business is conducted on behalf of the City. <br /> I <br /> 1 <br />