Financial Affairs; Investment of Surplus; Primary objective to safeguard principal
When investing, reinvesting, purchasing, acquiring, exchanging, selling, or managing public funds, the primary objective of a trustee shall be to safeguard the principal of the funds under its control. The secondary objective shall be to meet the liquidity needs of the depositor. The third objective shall be to achieve a return on the funds under its control.
(Amended by Stats. 1996, Ch. 749, Sec. 5.)