§ 11.5-35. Preamble.

(a)

In accordance with the provision of R.S. 33:2955(D), as enacted by Act No. 374 of 1995, the Town of St. Francisville hereby adopts this investment policy.

(b)

The town shall operate under the "prudent person" rule, exercising judgment and care, under the circumstances prevailing, which people of ordinary prudence would employ in the management of their affairs, not in regard to speculation, but as to the permanent disposition of their funds considering both income and safety of capital.

(c)

The assets of the town shall be held in trust by the fiduciary (fiduciaries) designated by the town.

(d)

This policy is not intended to remain static. Normally, the town will review this policy at least annually and, if deemed advisable, recommend changes. Recommendations from outside professionals leading to improvements in policies, procedures, and operations are always welcome.

(Ord. No. 1996-4, 6-11-96)