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referenda shall not constitute abandonment unless otherwise provided by agreement between the <br />Client and the Advisor. <br />2. The Client shall be responsible for issuance expenses including, without exclusion of other expenses: <br />(i) posting and distributing the Official Statement, (ii) legal fees, (iii) printing, (iv) delivery and settlement, (v) <br />travel, (vi) rating fees, (vii) out-of-pocket Debt Obligation related expenses, and (viii) governmental and <br />governmental agency fees and charges. <br />B. HOURLY RATES FOR NON -DEBT ISSUANCE RELATED SERVICES <br />Principal, Senior Officer ................................ $260 <br />Senior Professional Staff ..............................$215 <br />Professional Staff .......................................... $160 <br />Associates.................................................... $ 75 <br />C. ARBITRAGE AND REBATE MONITORING SERVICES <br />1. Fees for arbitrage services shall be as applied as follows: <br />a. $1,500 per determination per Debt Obligation when such determinations are made annually as of the <br />selected computation date of the applicable Debt Obligation's date of issuance, or <br />b. $1,500 for the first year, plus $400 for each additional year up to a five year period per determination for <br />each Debt Obligation when such determinations are made for periods in excess of one year. <br />2. At such time as the original proceeds and investment earnings thereon are completely expended and only a <br />non -commingled bona fide debt service fund remains, the Advisor will notify the Client if compliance with the <br />arbitrage provisions can be accomplished through monitoring of the Debt Service fund. In the event such <br />recommendation is made and it is accepted by the Client, the Advisor will perform monitoring activities for a <br />fee of $400 for annual monitoring or $850 for monitoring at the close of every fifth bond year. If, for any <br />determination period, monitoring reveals that the debt service fund is no longer bona fide and a rebate <br />calculation must be performed, any charge for monitoring for that determination period will apply toward the <br />applicable fee for rebate and arbitrage services. <br />3. If (i) separate information for each Debt Obligation is not provided, (ii) Advisor is required to perform <br />allocations of investments among funds, or (iii) the Advisor is required to perform other analysis, additional <br />compensation will be charged for such allocations/analyses at the hourly rates in paragraph B. <br />D. CONTINUING DISCLOSURE SERVICES <br />Report preparation and filing per type of obligation: <br />a. Full disclosure report created by Advisor, $1,300, plus $200 each debt obligation <br />b. Full or limited disclosure official statement with updated data that can be referenced, $0, plus <br />$200 each debt obligation <br />c. Full disclosure all operating data included within CAFR, $600, plus $200 each debt obligation <br />d. Limited disclosure, $600, plus $200 each debt obligation <br />Client shall be responsible for county auditor certification fees, if required, and any legal fees incurred in <br />connection with determining compliance with continuing disclosure certificates or interpretation of significant <br />events or filing of the annual report. <br />E. EXPENSES AND HOURLY FEES <br />Amounts due the Advisor for expenses and services charged at hourly rates shall not be contingent. <br />MW <br />