Review Investment Policy and Ethics Policy and take appropriate action . Mr. Wilson presented to and reviewed with the Board the Resolutions for Investment and Ethics Policies (the “Resolutions”), copies of which are attached hereto as Exhibit D. He stated that there are no recommended changes to the policies but there are changes to the qualified broker list for the Investment Policy. Upon motion by Director Jackson, seconded by Director Germenis, after full discussion and the question being put to the Board, the Board voted unanimously to approve the Resolutions. Director Jackson noted that Board members are not required to sign individually, and that signatures are only required in their capacity as a Board for the investment and ethics policies.

Bastiat Liberty & Property Rights Analysis

This motion is scored as EXPANDS_GOVERNMENT (Impact Weight: 2.9/10). Under the Bastiat Liberty Watchdog Index, measures that increase tax rates or fee schedules, issue new debt or Certificates of Obligation, expand regulatory/zoning restrictions on private land use, or authorize unbudgeted spending expansions reduce an official's Freedom Score when voted YES (and reward dissenting NO votes).