ALP 6

• The trust must have assets of five hundred million dollars ($500,000,000) or
more and
• Must be rated in the highest rating category by one or more NRSRO's that
regularly rate such funds.
g. Alternative Investments — Unless approved by the Board, the Authority is
prohibited from investing in alternative investments (i.e., investments for which a
readily determinable fair value does not exist).
2. Bond Proceeds and Other Funds Pursuant to the Terms of Bond Resolutions
The Authority shall, in accordance with Colorado and federal law and the authorizing
bond resolution, restrict its investment of bond proceeds and bond resolution moneys to
one or more of the following instruments:
a. Direct obligations of, or guaranteed by, the U.S. Government (i.e.,
Treasury bills, notes and bonds).
b. Direct obligations of federal agencies (i.e., Government National
Mortgage Association) backed by the full faith and credit of the U.S.
Government.
C. Direct obligations of other federal agencies rated in the highest rating
category by one or more NRSRO's that regularly rate such obligations.
• Federal Farm Credit Bank
• Federal Land Bank
• Federal Home Loan Bank
• Federal Home Loan Mortgage Corporation
• Federal National Mortgage Association
• Export-Import Bank
• Additional federal agencies approved in the future by the Board of Directors
d. Commercial Paper that, at the time of purchase, is rated in the highest
rating category by one or more NRSRO's that regularly rate such obligations.
e. Repurchase agreements concerning any securities referred to in
Subparagraphs (a), (b), (c) and (d) above that can otherwise be purchased under
those paragraphs if all of the conditions of Section VII and all of the following
conditions are met:
• The securities subject to the repurchase agreement must be marketable.
• The market value of such securities must at all times be at least equal to 102%
of the funds invested by the Authority and marked to market value no less
frequently than weekly.
• The title to or a perfected security interest in such securities along with the
necessary transfer documents must be transferred to the Authority or to a
custodian acting on behalf of the Authority.
6
Adopted December I, 2006