WHEREAS, Title I of P.L. 104-333 specifies that the Presidio Trust, in consultation with the Administrator of Federal Procurement Policy, shall establish and promulgate procedures applicable to the Presidio Trust’s procurement of goods and services including, but not limited to, the award of contracts on the basis of contractor qualifications, price, commercially reasonable buying practices, and reasonable competition; and

WHEREAS, the Presidio Trust has consulted with the Office of Federal Procurement Policy and legal counsel to develop a Procurement Policy for the Presidio Trust consistent with federal law and the operational needs of the Presidio Trust;

NOW, THEREFORE, BE IT RESOLVED, that the Presidio Trust Board of Directors adopts the Procurement Policy as attached hereto effective October 1, 1998; and

BE IT FURTHER RESOLVED, that the Procurement Policy attached hereto supersedes and replaces in its entirety the Interim Guidelines for Contracting and Acquisition adopted by the Board of Directors on August 19, 1997; and

BE IT FURTHER RESOLVED, that the Executive Director shall implement the Procurement Policy by developing and promulgating administrative procedures consistent with the Procurement Policy.

Adopted: September 23, 1998