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person’s own affairs, not for speculation, but for investment, considering the probable safety of <br />capital and the probable income to be derived. Investment Officers acting in accordance with <br />written procedures and this investment policy and exercising due diligence shall be relieved of <br />personal responsibility for an individual security's credit risk or market price changes, provided <br />deviations from expectations are reported in a timely fashion and the liquidity and the sale of <br />securities are carried out in accordance with the terms of this policy. <br />IMDEMNIFICATION The Director of Finance and the Investment Officer, acting in accordance <br />with written procedures and exercising due diligence, shall not be held personally responsible for <br />a specific investment’s credit risk or market price changes, provided that these deviations are <br />reported immediately and the appropriate action is taken to control adverse developments. <br />ETHICS DISCLOSURE AND CONFLICTS OF INTEREST Officers and employees involved in <br />the investment process shall refrain from personal business activity that could conflict with proper <br />execution and management of the investment program, or which could impair their ability to make <br />impartial investment decisions. Employees and Investment Officers shall disclose to the City <br />Manager any material interests in financial institutions that conduct business with the City of La <br />Porte, and shall further disclose any personal financial or investment positions that could be related <br />to the performance of the City's investment portfolio. Employees and Investment Officers shall <br />refrain from undertaking personal investment transactions with the same individual with which <br />business is conducted on behalf of the City of La Porte. <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 thesecond degree by <br />affinity or consanguinity to an individual seeking to sell an investment to the City of La Porte shall <br />file a statement disclosing that relationship. A statement required under subsection 2256.005(i) of <br />the Act must be filed with the Texas Ethics Commission and the governing body of the City of La <br />Porte. <br />TRAINING Investment Officers shall attend 10 hours of investment training within 12 months <br />after taking office or assuming duties, and hours every succeeding two years that begins on <br />st <br />thefirst day of the fiscal year, which is October 1, and consists of the two consecutive fiscal <br />yearsafter that date. The investments training shall be provided from an independent source <br />approvedby the Fiscal Affairs Committeeto insure the quality and capability of investment <br />management in compliance with the Act.For the purposes of this policy, an "independent <br />source" is defined as a professional organization, an institute of higher learning or any other <br />sponsor other than a Business Organization with whom the City may engage in investment <br />transactions. Training shall be in accordance with the Act and shall include education in <br />investment controls, security risks, strategy risks, market risks, diversification of investment <br />portfolio,and compliance with statutes governing the investment of public funds. <br />V.REPORTING <br />Investment reports shall be prepared quarterly and be signed and submitted by the Investment <br />Officers, in a timely manner. These reports will be submitted to the City Manager and City Council. <br />This report shall describe in detail the investment position of the City, disclose the market value <br />and book value of each fund group as well as each separate investment, and state the maturity date <br />of each security and accrued interest for the reporting period. The report shall include all <br />information as required by Section 2256.023 of the Act. It must also express compliance of the <br />portfolio to the investment strategy contained in the City’s Investment Policy and the Act. <br />3 <br /> <br />