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2006-03-29 Resolution Regarding Annual Review of Investment Policy of Development Authority of Pearland RESOLUTION REGARDING ANNUAL REVIEW OF INVESTMENT POLICY OF DEVELOPMENT AUTHORITY OF PEARLAND WHEREAS, Development Authority of Pearland (the "Authority"), has been legally created and has such authority as granted by state law and as has been delegated to the Authority by the City of Pearland,Texas (the "City"); and WHEREAS, the Board of Directors has convened on this date at a meeting open to the public to conduct the Authority's annual review of its Investment Policy, pursuant to Chapter 2256,Texas Government Code as amended from time to time; and WHEREAS, following review, the Board of Directors has determined to not amend the Authority's current Investment Policy dated November 15, 2004; Now, Therefore, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF DEVELOPMENT AUTHORITY OF PEARLAND THAT: Section 1: The Board of Directors of the Authority hereby conducted the Authority's annual review of its Investment Policy and confirms that the current Investment Policy dated November 15, 2004 shall remain in effect until modified by action of the Board of Directors. PASSED AND APPROVED this 29th day of March, 2006. Chair, Board of Directors ATTEST: Secretary, Board of Directors 060329 Resolution Annual Review of Investment Policv.doc CERTIFICATE FOR RESOLUTION THE STATE OF TEXAS § COUNTIES OF BRAZORIA AND FORT BEND § I, the undersigned officer of the Board of Directors of Development Authority of Pearland,hereby certify as follows: 1. The Board of Directors of Development Authority of Pearland convened in regular session on the 29th day of March,2006, at the regular meeting place thereof, and the roll was called of the duly constituted officers and members of the Board to-wit: Tom Reid Chair Bill Sloan Vice-Chair Henry Stanaland Secretary Ed Baker Director Tom Pool Director and all of said persons were present, except Director(s) , thus constituting a quorum. Whereupon, among other business, the following was transacted at the meeting: a written RESOLUTION REGARDING ANNUAL REVIEW OF INVESTMENT POLICY OF DEVELOPMENT AUTHORITY OF PEARLAND was introduced for the consideration of the Board. It was then duly moved and seconded that the resolution be adopted, and, after due discussion, the motion, carrying with it the adoption of the resolution,prevailed and carried unanimously. 2. That a true, full and correct copy of the aforesaid Resolution adopted at the meeting described in the above and foregoing paragraph is attached to and follows this certificate; that the Resolution has been duly recorded in the Board's minutes of the meeting; that the persons named in the above and foregoing paragraph are the duly chosen, qualified and acting officers and members of the Board as indicated therein; that each of the officers and members of the Board was duly and sufficiently notified officially and personally, in advance, of the time, place and purpose of the aforesaid meeting, and that the Resolution would be introduced and considered for adoption at the meeting, and each of the officers and members consented, in advance, to the holding of the meeting for such purpose; that the meeting was open to the public as required by law; and that public notice of the time,place and subject of the meeting was given as required by Chapter 551,Texas Government Code. SIGNED AND SEALED the 29th day of March,2006. Secretary, Board of Directors 060329 Resolution Annual Review of Investment Policy.doc INVESTMENT POLICY IA This Investment Policy (the "Policy") is adopted by the Board of Directors of Development Authority of Pearland (the "Authority") pursuant to Chapter 2256 of the Texas Government Code, effective as of November 15, 2004. ARTICLE I PURPOSE Section 1.01. Purpose. This Policy with respect to Authority investments has been adopted to establish the principles and criteria by which the funds of the Authority should be invested and secured and to comply with various provisions of Texas law relating to the investment and security of funds of local government corporations (the "Investment Laws"). As of the date of the adoption of this Policy, the following laws are applicable to the investment of the Authority's funds: Chapter 2256, Texas Government Code; Chapter 791, Texas Government Code; Chapter 2257, Texas Government Code; and Chapter 404.101 et seq., Texas Government Code. The Investment Laws generally provide the minimum criteria for the authorized investment and security of the Authority's funds and require the Authority to adopt rules to ensure the investment of Authority funds in accordance with such laws. This Policy will specify the scope of authority of Authority Officials who are responsible for the investment of Authority funds. ARTICLE II DEFINITIONS Section 2.01. Definitions. Unless the context requires otherwise, the following terms and phrases used in this Policy shall mean the following: (a) The term "Authorized Collateral" means any means or method of securing the deposit of Authority funds authorized by Chapter 2257, Texas Government Code. (b) The term "Authorized Investment" means any security which the Authority is authorized to invest under Chapter 2256, Texas Government Code. s (c) The term "Board" means the Board of Directors of the Authority. 46329 (d) The term "Collateral" means any means or method of securing the deposit of Authority funds under Article IV hereof. (e) The term "Collateral Act" means Chapter 2257, Texas Government Code, as amended from time to time. , (f) The term "Director" means a person appointed to serve on the Board of Directors of the Authority. (g) The term "Authority Officials" means the Investment Officer, Authority Directors, officers, employees, and persons and business entities engaged in handling the investment of Authority funds. (h) The term "Employee" means any person employed by the Authority, but does not include independent contractors or professionals hired by the Authority as outside consultants, such as the Authority's bookkeeper or accountant or the Authority's financial advisor. (i) The term "Investment Act" means Chapter 2256, Texas Government Code, as amended from time to time. (j) The term "Investment Officer(s)" means the Director(s), Officer(s), or Employee(s) of the Authority appointed from time to time by the Board to invest and reinvest the funds of the Authority held in its various accounts. ARTICLE III INVESTMENT OFFICER Section 3.01. Investment Officer. From time to time, the Authority shall appoint one or more of its Directors, Officers, or Employees to serve as Investment Officer(s) to handle the investment of Authority funds. The Investment Officer(s) shall be responsible for investing Authority funds in accordance with this Policy. The Investment Officer(s) shall invest the Authority's funds, not for speculation, but for investment, considering the probable safety of capital and the probable income to be derived, with all investment decisions to be governed by the following objectives in order of priority: (a) understanding of the suitability of the investment to the financial requirements of the Authority; (b) preservation and safety of principal; (c) liquidity; (d) marketability of the investment if the need arises to liquidate the investment before maturity; and (e) yield. .�... 46329 - 2 - Section 3.02. Training. As required by the Investment Act, the Investment Officer(s) of the Authority shall attend training sessions relating to the Investment Officer's responsibilities under the Investment Act from an independent source approved by the Board of Directors. The Authority's bookkeeper or accountant shall also attend the same number and type of investment training sessions as those required for the Investment Officer(s). Section 3.03. Reporting by the Investment Officer and Authority Officials. Not less than quarterly and within a reasonable time after the end of the period reported, the Investment Officer and Authority Officials shall prepare and submit to the Board a written report of the investment transactions for all funds of the Authority for the preceding reporting period. The report must (1) describe in detail the investment position of the Authority on the date of the report, (2) be prepared jointly by all the, Investment Officers of the Authority, if the Authority appoints more than one, (3) be signed by all Investment Officers and Authority Officials who prepare the report, (4) state the book value and the market value of each separately invested asset at the beginning and end of the reporting period by the type of asset and fund type invested, (5) state the maturity date of each separately invested asset that has a maturity date, (6) state the Authority fund for which each individual investment was acquired, and (7) state the compliance of the investment portfolio as it relates to this Policy and the Investment Act. Section 3.04. Assistance with Certain Duties of the Investment Officer. The Board hereby authorizes and directs the Authority's bookkeeper or accountant and any other Authority Officials requested by the Investment Officer to assist the Investment Officer(s) with any of his duties, including but not limited to the following: 1. Presenting a copy of the Policy to any person or business organization seeking to sell an investment to the Authority and obtaining the necessary written certification from such seller referred to in this section; 2. Handling investment transactions; 3. Preparing and submitting to the Board the written report of all investment transactions for the Authority as required by this section; 4. Researching investment options and opportunities; 5. Obtaining written depository pledge agreements as required herein; 46329 - 3 - 6. Obtaining safe-keeping receipts from the Texas financial institution which serves as a depository for pledged Collateral; and • 7. Reviewing the market value of the Authority's investments and of the Collateral pledged to secure the Authority's funds. ARTICLE IV PROCEDURES FOR INVESTMENT OF AUTHORITY MONIES Section 4.01. Qualified Broker/Dealers The Board, by written resolution, shall establish a list of qualified broker/dealers with whom the District may engage in investment transactions. The Board shall, at least annually, review, revise, and adopt such list. Section 4.02. Disclosures of Relationships with Entities Offering to Enter into Investment Transactions with the Authority. The Investment Officer(s) and the Authority Officials shall disclose in writing (a) any "personal business relationship" with a business organization offering to engage in an investment transaction with the Authority and (b) any relationship within the second degree by affinity or consanguinity, as determined by Chapter 573, Texas Government Code, to any individual seeking to sell an investment to the Authority, as required by the Investment Act. The existence of a "personal business relationship" shall be determined in accordance with the Investment Act. Such disclosure statement shall be filed with the Board and the Texas Ethics Commission. Section 4.03. Certifications from Sellers of Investments. The Investment Officer(s) or the Authority Officials shall present this Policy to any person or business organization offering to engage in an investment transaction with the Authority and obtain the certificate that such potential seller has reviewed the Policy as provided in the Investment Act. This certificate shall be in a form acceptable to the Authority and shall state that the potential seller has received and reviewed the Policy and has acknowledged that the potential seller has implemented reasonable procedures and controls in an effort to preclude investment transactions with the Authority that are not authorized by this Policy, except to the extent that this authorization is dependent on an analysis of the makeup of the Authority's entire portfolio or requires an interpretation of subjective investment standards. Neither the Investment Officer nor the Authority Officials shall purchase or make any investment from a potential seller that has not delivered to the Authority this required certification. A form of certificate acceptable to the Authority is attached hereto as Exhibit A. 46329 - 4 - Section 4.04. Solicitation of Bids for Certificates of Deposit. Bids for certificates of deposit may be solicited orally, in writing, electronically or in any combination of those methods. Section 4.05. Settlement Basis. All purchases of investments, except investment in investment pools or in mutual funds, shall be made on a delivery versus payment basis. The safekeeping entity for all Authority investments and for all Collateral pledged to secure Authority funds shall be one approved by the Investment Officer(s). Section 4.06. Monitoring of the Market Value of Investments and Collateral. The Investment Officer(s), with the help of such Authority Officials as needed, shall determine the market value of each investment and of all Collateral pledged to secure deposits of Authority funds at least quarterly and at a time as close as practicable to the closing of the reporting period for investments. Such values shall be included on the investment report. The following methods shall be used: (a) Certificates of deposit shall be valued at their face value plus any accrued but unpaid interest. (b) Shares in money market mutual funds and investment pools shall be valued at par plus any accrued but unpaid interest. (c) Other investment securities with a remaining maturity of one year or less may be valued in any of the following ways: (1) the lower of two bids obtained from securities broker/dealers for such security; (2) the average of the bid and asked prices for such investment security as published in The Wall Street Journal or The New York Times; (3) the bid price published by any nationally recognized security pricing service; or (4) the market value quoted by the seller of the security or the owner of such Collateral. 46329 - 5 - (d) Other investment securities with a remaining maturity greater than one year shall, be valued at the lower of two bids obtained from securities broker/dealers for such security, unless two bids are not available, in which case the securities may be valued in any manner provided in 4.06(c) hereof. ARTICLE V PROVISIONS APPLICABLE TO ALL FUNDS Section 5.01. Provisions Applicable to All Fund Groups. A. All funds of the Authority shall be invested only in accordance with this Policy and shall comply with any additional requirements imposed by Indentures of Trust and Bond Resolutions of the Authority and applicable state law or federal tax law, including the Investment Laws. B. The Board, by separate resolution, may provide that the Authority's bookkeeper or accountant may withdraw or transfer funds from and to accounts of the Authority only in compliance with this Policy. C. No fund groups shall be pooled for the purposes of investment, e.g. the �.. funds in the Pledged Revenue Fund and in the Surplus Fund shall not be commingled or pooled for purposes of investment. ' Section 5.02. Policy of Securing Deposits of Authority Funds -- Applicable to All Deposited Authority Funds. A. The Authority recognizes that FDIC (or its successor) insurance is available for Authority funds deposited at any one Texas Financial Institution (including branch banks) only up to a maximum of $100,000 (including accrued interest) for each of the following: (i) demand deposits, (ii) time and savings deposits, and (iii) deposits made pursuant to an indenture or pursuant to law in order to pay bondholders or noteholders. It is the policy of the Authority that all deposited funds in each of the Authority's accounts shall be insured by the FDIC, or its successor, and to the extent not insured, shall be secured by Collateral pledged to the extent of the fair market value of the principal amount deposited plus accrued interest as required by the Collateral Act. B. If it is necessary for the Authority's depositories to pledge Collateral to secure the Authority's deposits, (1) the Collateral pledge agreement must be in writing, (2) the Collateral pledge agreement must be approved by the depository's board of directors or loan committee, (3) the depository's approval of the Collateral pledge agreement must be reflected in the minutes of the meeting of the depository's board or 46329 - 6 - • loan committee approving same, and (4) the Collateral pledge agreement must be kept in the official records of the depository. The depository must provide to the Investment Officer or Authority Officials with written proof of the depository's approval of the pledge agreement as required herein in a form acceptable to the Authority. A signed or certified copy of the minutes of the meeting of the depository's board or loan committee reflecting the approval of the Collateral pledge agreement or other written documentation of such approval acceptable to the Investment Officer will be accepted. It is the preference of the Board that all requirements of this section be met be prior to the deposit of any Authority funds in such financial institution when a pledge of Collateral is required; however, the Board recognizes that compliance with this preference might not be practicable due to time constraints for making a deposit.' In such event, the Board directs the Investment Officer and Authority Officials to proceed diligently to have such agreement approved and documented to assure protection of the Authority's funds. If the decision is made to forego the protection of a Collateral pledge agreement with any depository, the Authority bookkeeper or accountant shall be responsible for maintaining the balance of deposit(s) in such depository plus any accrued but unpaid interest at or below FDIC insurance levels. C. Collateral pledged by a depository shall be held in safekeeping at an independent third party institution, and the Authority bookkeeper or accountant shall .�.► obtain safe keeping receipts from the Texas financial institution or the safekeeping institution that reflect that Collateral as allowed by this Investment Policy and in the amount required was pledged to the Authority. Principal and accrued interest on deposits in a financial institution shall not exceed the FDIC's, or its successor's, insurance limits or the market value of the Collateral pledged as security for the Authority's deposits. It shall be acceptable for the bookkeeper or accountant to periodically receive interest on deposits to be deposited to the credit of the Authority if needed to keep the amount of the funds under the insurance or Collateral limits. It is the preference of this Board that there be no sharing, splitting or cotenancy of Collateral with other secured parties or entities; however, in the event that a depository cannot accommodate this preference due to the denominations of the securities to be pledged, the Board directs the Investment Officer and Authority Officials to obtain appropriate protections in the pledge agreement with the depository to assure that the Collateral is liquidated and the funds distributed appropriately to all parties with a security interest in such Collateral. The Authority bookkeeper or accountant shall monitor the pledged Collateral to assure that it is pledged only to the Authority, review the fair market value of the Collateral to ensure that the Authority's funds are fully secured, and report periodically to the Investment Officer and the Board regarding the Collateral. D. The Authority's funds deposited in any Texas financial institution, to the extent that they are not insured, may be secured by the pledge of any of the following: 1. Surety bonds; 46329 - 7 - 2. An obligation that in the opinion of the Attorney General of the United States is a, general obligation of the United States and backed by its full faith and credit; 3. A general or special obligation that is (a) payable from taxes, revenues, or a combination of taxes and revenues and (b) issued by a state or political or governmental entity, agency, instrumentality or subdivision of the state, including a municipality, an institution of higher education as defined by Section 61.003, Education Code, a junior college, a district created under Article XVI, Section 59,. of the Texas Constitution, and a public hospital; 4. A fixed-rate collateralized mortgage obligation that has an expected weighted average life of 10 years or less and does not constitute a "high- risk mortgage security" under the Collateral Act; 5. A floating-rate collateralized mortgage obligation that does not constitute a "high-risk mortgage security" under the Collateral Act; or 6. A security in which a public entity May invest under the Investment Act. As of the date of this Agreement, the following are the securities in which a public entity may invest under the Investment Act and, therefore, may be used as Collateral: a. Obligations, including Ietters of credit, of the United States or its agencies and instrumentalities; b. Direct obligations of the State of Texas or its agencies and instrumentalities; c. Collateralized mortgage obligations directly issued by a federal agency or instrumentality or the United States, the underlying security for which is guaranteed by an agency or instrumentality of the United States; d. Other obligations, the principal and interest of which are unconditionally guaranteed or insured by or backed by the full faith and credit of the United States or the State of Texas or their respective agencies and instrumentalities; ` e. Obligations of states, agencies, counties, cities, and other political subdivisions of any state rated as to investment quality by a 46329 - 8 - nationally recognized investment rating firm not less than A oriits equivalent; A f. Certificates of deposit issued by a state or national bank domiciled in this State or a savings bank domiciled in this State or a state or federal credit union domiciled in this State that are guaranteed by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund or its successor that are secured by the obligations in which the Authority may invest under the Investment Act; g. Repurchase agreements that comply with the Investment Act; h. Bankers' acceptances that comply with the Investment Act; i. Commercial paper that complies with the Investment Act; j. No-load money market mutual funds that comply with the Investment Act; and k. No-load mutual funds that comply with the Investment Act. Notwithstanding anything to the contrary provided above, the following may not be used as Collateral and are not authorized as investments for the Authority under the Investment Act: a. Obligations whose payment represents the coupon payments on the outstanding principal balance of the underlying mortgage- backed security collateral and pays no principal; b. Obligations whose payment represents the principal stream of cash flow from the underlying mortgage-backed security collateral and bears no interest; c. Collateralized mortgage obligations that have a final stated maturity date of greater than 10 years other than those listed in Section 5.02.D.4 and 5.02.D.5 above; or d. Collateralized mortgage obligations the interest rate of which is determined by an index that adjusts opposite to the changes in a market index. Section 5.03 Diversification. 46329 - 9 - The Investment Officer,may invest up to 100% of the funds of the Authority in any investment instrument authorized in this Policy. • ARTICLE,VI AUTHORIZED INVESTMENTS Section 6.01. Authorized Investments. Unless specifically prohibited by law of elsewhere by this Policy, District monies in any of its fund groups may be invested and reinvested only in the following types of investments: 1. Obligations, including letters of credit, of the United States or its agencies and instrumentalities; 2. Direct obligations of the State of Texas or its agencies and instrumentalities; 3. Certificates of deposit issued by a state or national bank domiciled in Texas, or a savings bank domiciled in Texas, or a state or federal credit union domiciled in Texas that is guaranteed or insured by the Federal Deposit Insurance Corporation or the national Credit Union Share Insurance Corporation or its successor; and secured by obligations that are authorized under the Investment Act; 4. Tex Pool, Texas Cooperative Liquid Assets Securities System Trust ("Texas CLASS"), LOGIC, Tex Star, and Lone Star, investment pools, provided that they comply with the Investment Act . Section 6.02. Prohibited Investments. Notwithstanding anything to the contrary stated herein, no funds of the Authority may be invested in the following or in any other type of investment prohibited by the Investment Act or other applicable law: 1. Obligations whose payment represents the coupon payments on the outstanding principal balance of the underlying mortgage-backed security collateral and pays no principal (IO's); 2. Obligations whose payment represents the principal stream of cash flow from the underlying mortgage-backed security collateral and bears no interest (PO's); 46329 - 10 - • 3. Collateralized mortgage obligations that have a stated final maturity date • of greater than 10 years; and 4. Collateralized mortgage obligations the interest rate of which are determined by an index that adjusts opposite to the changes in the market index (inverse floaters). ARTICLE VII INVESTMENT STRATEGIES • Section 7.01. Strategy Applicable to All Funds. The Authority's general investment strategy for all fund groups shall be 'to. invest such monies from such fund groups so as to accomplish the following objectives, which are listed in the order of importance: 1. Understanding of the suitability of the investment to the financial requirements of the Authority; , '4.. 2. Preservation and safety of principal; 3. Liquidity; 4. Marketability of the investment if the need arises to liquidate the investment before maturity; 5. Yield; and 6. Diversification of the investment portfolio. Section 7.02. Investment Strategy for the Pledged Revenue Fund. Funds in the Pledged Revenue Fund shall be invested to meet the operating and cash flow requirements of the Authority as determined by the annual operating budget adopted by the Board. The Pledged Revenue Fund shall not be invested for longer than one year. Section 7.03. Investment Strategy for the Project and Surplus Funds. Funds in the Project and Surplus Funds shall be invested to meet the operating and cash flow requirements of the Authority as determined by the annual operating 46329 - 11 - budget adopted by the Board. Project and Surplus Funds shall not be invested for longer than one year. ' Section 7.04. Investment Strategy for the Debt Service and Debt Service Reserve Funds. The Debt Service and Debt Service Reserve Funds shall be invested to mature so as to meet required semi-annual debt service payment dates for each issue of bonds and in compliance with any requirements under applicable indentures of trust and bond resolutions. It shall be the policy of the District that Debt Service and Debt Service Reserve Funds shall not be invested for longer than one year. ARTICLE VIII MISCELLANEOUS Section 8.01. Annual Review. The Authority shall review this Investment Policy at least annually and adopt a resolution confirming the continuance of the Investment Policy without amendment or adopt an Amended Investment Policy. Section 8.02. Superseding Clause. This Policy supersedes any prior policies adopted by the Board of Directors regarding investment or securitization of Authority Funds. Section 8.03. Open Meeting. The Board officially finds, determines and declares that this Investment Policy was reviewed, carefully considered, and adopted at a regular meeting of the Board, and that a sufficient written notice of the date, hour, place and subject of this meeting was posted at a place readily accessible and convenient to the public within the Authority and on a bulletin board located at a place convenient to the public in Harris County for the time required by law preceding this meeting, as required by the Open Meetings Act, Chapter 551, Texas Government Code, and that this meeting had been open to the public as required by law at all times during which this Policy was discussed, considered and acted upon. The Board further ratifies, approves and confirms such written notice and the contents and posting thereof. , 46329 - 12 - Adopted on the 15th day of November, 2004. 4 Tom Reid, Chair Bill Sloan, Vice-Chair Henry Stanaland, Secretary Ed Baker, Director Tom Pool, Director • 46329 [Execution Page] Exhibit A CERTIFICATE OF COMPLIANCE FROM SELLERS OF INVESTMENTS AS REQUIRED BY THE PUBLIC FUNDS INVESTMENT ACT • To: Development Authority of Pearland (the "Authority") From: [Name of the person offering or the [Office such person holds] "qualified representative of the business organization" offering to engage in an investment transaction with the Authority] of (the"Business Organization") [name of financial institution, business organization or investment pool] Date: In accordance with the provisions of Chapter 2256 of the Texas Government Code, I hereby certify that: 1. I am an individual offering to enter into an investment transaction with the Authority or ,., a "qualified representative" of the Business Organization offering to enter an investment transaction with the Authority, as applicable, as such terms are used in the Public Funds Investment Act, Chapter 2256,Texas Government Code, and that I meet all requirements under such act to sign this Certificate. 2. I or the Business Organization, as applicable, anticipate selling to the Authority investments that comply with the Authority's Investment Policy and the Investment Act (collectively referred to herein as the "Investments") dated November 15, 2004 (the "Investment Policy"). 3. I or a registered investment professional that services the Authority's account, as applicable, have received and reviewed the Investment Policy, which the Authority has represented is the complete Investment Policy of the Authority now in full force and effect. The Authority has further acknowledged that I or the Business Organization, as applicable, may rely upon the Investment Policy until the Authority provides me or the Business Organization, as applicable, with any amendments to or any newly adopted form of the Investment Policy. 4. I or the Business Organization, as applicable,' have/has implemented reasonable procedures and controls in an effort to preclude investment transactions between the Authority and me or the Business Organization, as applicable,that are not authorized by the Investment Policy, except to the extent that this authorization is dependent upon an analysis of the Authority's entire portfolio or requires an interpretation of subjective investment standards. 46329 5. I or the Business Organization, as applicable, have/has reviewed or will review priol• to sale, the terms, conditions and characteristics of the investments to be sold to the Authority and determined (i) that each of the Investments is an authorized investrhent for local governments under the Investment Act and (ii) each of the Investments is an authorized investment under the Investment Policy. The Business Organization makes no representation as to whether any limits on the amount of Authority monies to be invested in the Investments exceeds or in any way violates the Investment Policy. 6. The Business Organization makes no representations or guarantees regarding the prudence,reasonableness or adequacy of the Investment Policy. 7. The Business Organization has attached hereto, for return to the Authority, or will provide a prospectus or disclosure document for each of the Investments other than certificates of deposit and direct obligations of the United States. By: Name: Title: Investments other than certificates of deposit are not FDIC insured, are not deposits or Other obligations of same, the Business Organization or any of its affiliates, and are subject to investment risks, including possible loss of the principal amount invested. 46329