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<br />Reverse Repurchase NO <br />Agreements <br />Medium Term Corporate NO <br />Notes <br />Mutual Funds invested III Bond Proceeds Funds Only * <br />securities allowed by <br />Investment Policy <br />Mortgage Backed Securities NO <br />or Collateralized Mortgaged <br />Obligations <br /> $217,702,497 <br /> <br />* Bond proceeds such as reserve funds are held in trust by a financial institution until the debt is <br />retired. The trustee is directed to place proceeds in mutual funds invested in U.S. Treasury <br />instruments. <br /> <br />OBJECTIVES. RISK. & DIVERSIFICATION <br />The objectives of the investment program are as follows in order of priority: <br /> <br />. SAFETY OF PRINCIPAL <br />. LIQUIDITY <br />. SUITABILITY <br />. YIELD <br /> <br />All investments contain an element of risk. The different types of risk include credit risk, custodial <br />risk, concentration risk and interest rate risk. The recommended policy is designed to establish a <br />very low tolerance for risk with safety of principal being paramount as a guiding principal and <br />objective. <br /> <br />REVISIONS TO POLICY <br /> <br />There is only one change to the policy being recommended as follows: <br /> <br />. Incorporates an updated accounting standard which requires disclosure of certain risk categories <br />and concentrations of risk, such as credit risk and interest rate risk. <br /> <br />SR:06: 112 <br />