Cherrk Creek Misc

5. Investment Strategy. The investment strategy of the Association should
emphasize a long -term outlook by diversifying the maturity dates of fixed- income
instruments within the portfolio utilizing a laddered investment approach.
6. independent Professional Investment Assistance. The Board of Directors of the
Association may hire a qualified investment counselor to assist in formulating a specific
investment strategy.
7. Review and Control. The Board shall review Reserve Fund investments
periodically to ensure that the funds are receiving competitive yields and shall make
prudent adjustments as needed.
8. Reserve Study. In order to determine funding of the Reserve Fund, the Board of
Directors may determine, with the assistance and advice of professionals, the life
expectancy of those portions of the Community to be maintained by the Association and
the anticipated costs of maintaining, replacing and improving those identified areas
(hereinafter referred to as a "Reserve Study ").
9. Review of Reserve Study. The Board of Directors shall cause the Reserve Study,
if any, and reserve funding to be reviewed and updated periodically, at least once every
three years, to adjust and make changes in costs, inflation and interest yield on invested
funds, plus modification, addition or deletion of components.
10. Definitions. Unless otherwise defined in this Resolution, initially capitalized or
terms defined in the Declaration shall have the same meaning herein.
It. Supplement to Law. The provisions of this Resolution shall be in addition to and
in supplement of the terms and provisions of the Declaration and the law of the State of
Colorado governing the community.
12. Deviations. The Board may deviate from the procedures set forth in this
Resolution if in its sole discretion such deviation is reasonable under the circumstances.
13. Amendment. This policy may be amended from time to time by the Board of
Directors.
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