7. 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 E. He stated that NRF does not recommend any changes at this time. He noted that Artesian has provided the updated brokers list. Upon motion by Director Maxwell, seconded by Director Jacobs, after full discussion and the question being put to the Board, the Board voted unanimously to approve the Resolution and brokers list. 202558628.1 Director Higgins left the meeting at this time.

Bastiat Liberty & Property Rights Analysis

This motion is scored as RESTRAINS_GOVERNMENT (Impact Weight: 2.9/10). 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.