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R1870 R E S O L U T I O N NO. 1870 WHEREAS, the Board of Trustees of The Metropolitan St. Louis Sewer District has initiated the process of modifying the District's Employees' Pension Plan investment activities as recommended by the District's Employees' Pension Plan investment consultant, and in connection therewith has adopted Resolutions No. 1864 and No. 1866, and WHEREAS, pursuant to District Resolution No. 1864, the District wishes to implement the purchase of a Guaranteed Investment Contract ("GIC"). NOW, THEREFORE, BE IT RESOLVED by the Board of Trustees of The Metropolitan St. Louis Sewer District that the officers of the District, in consultation with the District's Employees' Pension Plan investment consultant, are hereby authorized and directed to solicit a minimum of three quotes for a Guaranteed Investment Contract for a term of not less than three, nor more than seven, years from recognized life insurance companies chartered to operate within the United States, said GIC to be in an amount equivalent to twenty-six per cent (26%) of the current fixed income investment portion of the total Pension Fund assets. Solicited companies shall have an "A+" or better rating with the A.M. Best Rating Company. The officers of the District, upon receipt of said quotes, are hereby authorized and directed to purchase said GIC based upon the best quote at the highest interest rate obtainable. BE IT FURTHER RESOLVED that the Executive Director is hereby authorized and directed to execute the necessary instruments to give effect to the foregoing. The foregoing Resolution was adopted November 23, 1988.