2024.04.15 CC Packet - Laserfiche WebLink

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SCOPE APPENDIX to Engagement Letter dated: January 25, 2024 Between the City of Hugo, Minnesota and Baker Tilly US, LLP (Scopev20230309) Page SA - 15 | 18 The Client shall be responsible for issuance expenses including, without exclusion of other expenses: (i) posting and distributing the Official Statement, (ii) legal fees, (iii) printing, (iv) delivery and settlement, (v) travel, (vi) rating fees, (vii) out-of-pocket Debt Obligation related expenses, and (viii) governmental and governmental agency fees and charges. 2. Compensation and invoicing for arbitrage services Fees for services set forth in the Scope Appendix will be applied as follows per determination for each Debt Obligation: a) Initial determination for a Debt Obligation: $2,500 for the first year, plus $500 for each additional year up to a five-year period when such determinations are made for periods in excess of one year. b) Subsequent determination for a Debt Obligation: $1,750 for one year, plus $500 for each additional year when such determinations are made for periods in excess of one year. c) Preparation of Form 8038-T: $500 d) If BTMA is required to perform allocations of investments among funds and/or Debt Obligations, additional compensation will be charged at the standard hourly rates in place at the time services are provided. 3. Hourly rates for housing/economic development and other pre-debt or non-debt issuance related services Standard Hourly Rates by Job Classification 2024 Principal $330 Director $300 Manager $260 Consultant $200 Support, municipal bond disclosure specialist $150 Intern $110 Billing rates are subject to change periodically due to changing requirements and economic conditions. Baker Tilly will notify Client thirty (30) days in advance of any change to fees. If Client does not dispute such change in fees within that thirty (30) day period, Client will be deemed to have accepted such change. The fees billed will be the fees in place at the time services are provided. Actual fees will be based upon experience of the staff assigned and the complexity of the engagement. The above hourly fees shall include all expenses incurred by BTMA with the exception of expenses incurred for mileage which will be billed on a separate line item. No such expenses will be incurred without the prior authorization of the Client. Hourly projects that are active as of the date of this contract, will transition to the new hourly rates herein on March 1,2024.