§ 3-314. INVESTMENTS.

(a)

The Board is authorized to acquire every kind of property, real, personal or mixed, and every kind of investment, specifically including, but not by way of limitation, corporate obligations of every kind, and stocks, preferred or common, which persons of prudence, discretion and intelligence acquire for their own account.

(b)

In investing, reinvesting, purchasing, acquiring, exchanging, selling and managing the assets of the Retirement Fund, the Board shall exercise the judgement and care, under the circumstances then prevailing, which persons of prudence, discretion and intelligence, acting in a like capacity and familiar with such matters, would use in the conduct of an enterprise of like character and with like aims. In addition, the Board shall diversify the investments of the Retirement Fund in order to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to diversify.

(c)

The Board may by resolution adopt rules and regulations to carry out the provisions of this section and to govern procedures of the Board in the management of the assets of the Retirement Fund.

(d)

Should an investment manager or investment advisor be retained under contract to provide investment management or investment advisory services with respect to the purchase, sale or exchange of stocks, shares and securities to be purchased or purchased with moneys in the Retirement Fund, the Board may by contract authorize such investment manager or investment advisor to purchase, sell or exchange stocks, shares and securities without prior approval by the Board of any such transaction; provided, however, that any such contract shall provide that the investment manager or investment advisor shall comply with investment guidelines adopted by the Board by resolution.

(Added Ord. 69-24, 1969; Am. Ord. 74-14, § 1, eff. 3-3-74; Am. Ord. 77-42, § 1, eff. 5-27-77; Am. Ord. 82-53, § 1, eff. 6-18-82; Am. Ord. 85-119, § 1, eff. 9-13-85; Am. Ord. 92-27, § 1, eff. 5-22-92; Am. Ord. 93-64, § 1, eff. 11-12-93; Am. Ord. 96-54, §§ 17—19, eff. 9-20-96).