Skip to main content
Loading…
This section is included in your selections.

A. No elected official, Investment Advisory Committee member, or employee of the Borough shall:

1. Take any action, make any decision, or exercise their official judgment or discretion with respect to a Borough investment with the intent to confer a benefit upon or provide a material advantage to themselves, to a member of their immediate family, or to any financial institution in connection with the investment of Borough moneys;

2. Accept any gift, gratuity or other inducement offered by any person for the purpose of influencing their opinion, judgment, action, decision or exercise of official discretion in connection with the investment of Borough moneys. Prohibited gifts and gratuities include, but are not limited to, payment of money, gift of real or personal property, reduced commission for investments for the person’s own account, reduced interest rate, waiver of penalties and forgiveness of delinquency or default on a loan;

3. Participate in a decision regarding the investment of Borough money, if the decision concerns or relates to the investment or potential investment of money in, or the purchase or potential purchase of, a security from or offered by any financial institution or other entity of which the person, or a member of the person’s immediate family, is an officer, director or employee, or in which the person or family member has a substantial financial interest;

4. Perform any other act or omission which would constitute a violation of the public trust imposed upon persons handling public moneys, or which would otherwise impair the public confidence in the integrity of the Borough’s financial affairs.

B. Violation of the prohibitions contained in subsection (A) of this section shall constitute cause for terminating employment with the Borough or membership on the Investment Advisory Committee. (Ord. 2019-09 § 2, 2019; Ord. 87-069 § 4, 1988. 2004 Code § 3.04.160.)