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<br />. <br /> <br />e <br /> <br />IMDEMNIFICA TION The Investment Officer, acting in accordance with written procedures <br />and exercising due diligence, shall not be held personally responsible for a specific investment's <br />credit risk or market price changes, provided that these deviations are reported immediately and <br />the appropriate action is taken to control adverse developments. <br /> <br />ETInCS DISCLOSURE AND CONFLICTS OF INTEREST Offieials Officers and employees <br />involved in the investment process shall refrain from personal business activity that could conflict <br />with proper execution and management of the investment program, or which could impair their <br />ability to make impartial investment decisions. Employees and Investment Offieials Officers <br />shall disclose to the City Manager any material fiRBl'leial interests in financial institutions that <br />conduct business with the City of La Porte, and shall further disclose any lefge personal financial <br />or investment positions that could be related to the performance of the City's investment portfolio. <br />Employees and Investment Ofiieials Officers shall sHBeFEliRate their perseRal iRvestmeRt <br />1:mBsaetieRs te these ef this jl:lriseietiea, partieHIlH"ly witA Fegllftl te the timiRg ef p1:l:feAaSeS &Be <br />sales refrain from undertaking personal investment transactions with the same individual with <br />which business is conducted on behalf of the City of La Porte. <br /> <br />An Investment Officer of the City of La Porte who has a personal business relationship with an <br />organization seeking to sell an investment to the City of La Porte shall file a statement disclosing <br />that personal business interest. An Investment Officer who is related within the second degree by <br />affinity or consanguinity to an individual seeking to sell an investment to the City of La Porte <br />shall file a statement disclosing that relationship. A statement required under subsection <br />2256.005(i) of the PFIA must be filed with the Texas Ethics Commission and the governing body <br />of the City of La Porte. <br /> <br />TRAINING Investment Officers shall attend at least one investment training session within 12 <br />months after taking office or assuming duties, and shall attend an investment training session not <br />less than once in a two-year period and receive not less than 10 hours of instruction relating to <br />investment responsibilities from an independent source approved by the ~ Fiscal Affairs <br />Committee. For the purposes of this policy, an "independent source" is defined as a professional <br />organization, an institute of higher learning or any other sponsor other than a Business <br />Organization with whom the City may engage in investment transactions. Independent sources <br />that may provide investment training include the Government Treasurer's Organization of Texas, <br />the University of North Texas, the Government Finance Officers Association of Texas, or the <br />Texas Municipal League. Training shall be in accordance with the Public Funds Investment Act <br />and shall include education in investment controls, security risks, market risks, and compliance <br />with statutes governing the investment of public funds. <br /> <br />VII. INVESTMENTS <br /> <br />ACTNE PORTFOLIO MANAGEMENT The City intends to pursue active versus passive <br />portfolio management philosophy. That is, securities may be sold before they mature if market <br />conditions present an opportunity for the City to benefit from the trade. <br /> <br />ELlGmLE AUTHORIZED INVESTMENTS Assets of funds of the government of the City of <br />La Porte may be invested in the following as authorized by the Public Funds Investment Act: <br /> <br />A. Obligations of, or Guaranteed by Governmental Entities <br /> <br />1. Except as provided by Subsection ~ (b), the following are authorized investments under <br />this section: <br /> <br />4 <br />