§ 24-75-705 — Board of trustees - duties - liabilities

(1) The board of trustees
of any local government investment pool trust fund moneys authorized by this
section shall invest in compliance with the requirements of this section and with
that degree of judgment and care, under the circumstances then prevailing, which
persons of prudence, discretion, and intelligence exercise in the management of
their own affairs, not for speculation, but for investment, considering the probable
safety of their capital and need for liquidity as well as the probable income to be
derived.

(2) The board shall exercise the functions over which such board has
substantial discretion solely in the interest of the participating local governments
and for the exclusive purpose of providing earnings and defraying expenses
incurred in administering the trust fund. The board shall act in accordance with the
provisions of this part 7 and with the care, skill, and due diligence in light of the
circumstances then prevailing that a person in like capacity and familiar with such
matters would use in the conduct of an enterprise of like character and with like
aims.

(3) It is unlawful for a member of the board to engage in any activities which
might result in a conflict of interest with such member's functions as a fiduciary of
the trust fund.

Legislative History

Source: L. 93: Entire part R&RE, p. 323, � 1, effective July 1.