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BRIGGS AND MORGAN <br />April 17, 2017 <br />Page 3 <br />Hugo must also file an application with the Department of Employment and Economic <br />Development. We will provide you with a draft of that application also. It will be submitted to <br />DEED after the public hearing on June 5a'. <br />The Borrower has agreed to pay Hugo an issuer's administrative fee of 1/4 of 1% of the <br />principal amount of the Bonds in consideration for Hugo acting as issuer. <br />Please feel free to contact me if you have any further questions. <br />Very truly yours, <br />/s/ Catherine J. Courtney <br />Catherine J. Courtney <br />CJC/pmr <br />cc: Mary Webster <br />8278649vl <br />