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<br />State Board of Administration Local Government Surplus Funds Investment <br />Pool ("SBA"). <br /> <br />DELEGATION OF AUTHORITY <br /> <br />The Finance Director or designee is responsible for investment decisions and <br />activities, under the direction of the City Manager. The day-to-day <br />administration of the cash management program is handled by the Finance <br />Director. No person may engage in an investment transaction except as <br />provided under the terms of the policy and the procedures so established. <br /> <br />Positions authorized as investment signatories are the Mayor, City Manager, <br />Vice Mayor, City Clerk, Finance Director and the designee. The persons <br />holding these positions are also authorized to initiate or approve a wire <br />transfer transaction in accordance with applicable policies and procedures. <br /> <br />PRUDENCE AND ETHICAL STANDARDS <br /> <br />The standard or prudence to be applied by the Finance Director or designee <br />shall be the "Prudent Person" rule, which states: "Investments shall be made <br />with judgment and care, under circumstances then prevailing, which persons <br />of prudence, discretion and intelligence exercise in the management of their <br />own affairs, not for speculation, but for investment considering the probable <br />safety of their capital as well as the probable income to be derived from the <br />investment." The "Prudent Person" rule can be applied in the context of <br />managing the overall portfolio. <br /> <br />The Finance Director or designee and staff, acting in accordance with the <br />written procedures and exercising due diligence, shall not be held personally <br />responsible for a specific security's credit risk or market price changes, <br />provide that these deviations are reported immediately and that appropriate <br />action is taken to control adverse developments. <br /> <br />LISTING OF AUTHORIZED INVESTMENTS <br /> <br />Although investments may be on the authorized list, only those securities <br />with an active secondary market may be purchased from the list. <br /> <br />The Finance Director or the designee may purchase/sell investments <br />securities, at prevailing market rates, in the following authorized investment <br /> <br />Page 3 of] 2 <br />