10. Review Investment Policy. Mr. Wilson presented to and reviewed with the Board the Resolution Reviewing Investment Policy and Making Any Desirable Changes Thereto (the “Resolution”), a copy of which is attached hereto as Exhibit F. He stated that NRF does not recommend any changes at this time. Director Higgins requested that Hilltop Securities be added the authorized brokers list. Ms. Pfeffer stated that she will provide NRF an updated brokers list. Upon motion by Director Jacobs, seconded by Director Higgins, after full discussion and the question being put to the Board, the Board voted unanimously to approve the Resolution.

Bastiat Liberty & Property Rights Analysis

This motion is scored as RESTRAINS_GOVERNMENT (Impact Weight: 2.5/10). Under the Bastiat Liberty Watchdog Index, voting YES on measures that cap or reduce ad valorem tax burdens, expand taxpayer exemptions, retire debt early, enforce competitive bidding caps, or remove regulatory/zoning barriers to private property rights earns a positive Pro-Liberty score.