The Board of Directors of the Authority will appoint an Investment Committee (the Committee) consisting of the Authority's President, the Vice President for Finance (VP for Finance) and a minimum of two (2) board members. The Investment Committee will meet as needed to review the existing investment securities portfolio and to discuss the Authority's outgoing investment strategies.

The VP for Finance will have primary responsibility for day-to-day management of the investment portfolio. The Vice President of Internal Audit (VP for Audit) will be responsible for monitoring compliance with all provisions contained in this policy.

Investment transactions may be approved by the President or VP for Finance, up to the limits specified by this Policy. In the absence of either the President or the VP for Finance, an outside director who serves on the Committee or the Chairman of the Board must approve the transaction. Investment transactions in excess of established Policy limits must be approved jointly by the President and VP for Finance or a majority of the outside directors on the Committee. Before an investment transaction is accepted, a minimum of three bids must be received.

An investment transaction form will be completed whenever securities are purchased or sold. The form will provide the details of the transaction, including broker, trade date, settlement date, amount of transaction and yield. The form will provide for the appropriate signature(s) of authorization. This form will be forwarded to the VP for Audit for review of compliance with the investment policy.