Policy / Procedure Name: Nlccmethods /Options for the Payment of Bond for Previous And

Date: October 1, 2013

Policy / Procedure Name: NLCCMethods /Options for the Payment of Bond for Previous and Current Members.

Scope: This Policy / Procedureoutlinesthe responsibilities of the NLCC Board of Governors (BOG) in the meeting / maintaining of theapproved “Methods / Optionsfor Payment of Bond for Previous and Current Members” within an NLCC Fiscal Year.

The approved Methods / Options of Payment of Bond identified within the content of this document represent those Methods / Options to be considered if the NLCC Fiscal Budget allows such payment to be made.

Purpose: The purposeof this Policy / Procedureis to establish the responsibilities of the NLCC Board of Governors (BOG) and to ensure that the NLCC BOG remains advised and cognizant by way of financial oversight through the BOG Treasurer that yearly Methods / Options of Payment of Bond are considered if the NLCC budget allows such payments and input by way of the NLCC Bond Committee is considered,as being the oversight body.

Definition: The Method for Payment of Bond was established many years ago, with the NLCC Fiscal Budget as the overseeing guideline. The establishment of the “Play for Bond Options” concept which has been in place for some years has been an offering from NLCC that has been very successful with Bond holders. The yearly payback to the previous members whom are on the list is on-going and is based on the NLCC budget allowances and continues to be a priority of NLCC.

Responsibilities:The NLCC BOG is responsible to all members / owners in each new Fiscal Year to inform those individuals in keeping with the “Scope” of this activity, in that yearly consideration is made regarding the Methods / Options chosen relating to the payback of Bond if the NLCC budget allows such payback.

Authority:Changes to this Policy / Procedure can only be authorized by an NLCC BOG majority vote to make said changes and so documented as part of this Policy / Procedure. If any approved changes are made notification of the change(s) will be made to all members / owners.

Elimination of this Policy / Procedure can also be considered by the NLCC BOG if it is felt that in the best business interests of its members / owners that this Policy / Procedure becomes compromising to the overall business. The elimination process would also be accomplished by way of an NLCC BOG majority vote and the results of that vote would be conveyed to all NLCC members / owners.

Issue Date:October 1, 2013

Revision Date:

Approval:NLCC BOG