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2016-3911 l # . . . !. ,... . :R ! ..., ,. 1 ! ! .: , .. ! R. '. : R. i +.. ' : .... ; ' :.. ... : ........ ! ': 1 ... . ! : '. t''.. . . .... ; ' ! . R '.. . ' .. ,. !.: '. '.: . .. I' .. •. , WHEREAS, The professional services provider (the "Provider) mentioned in this ordinance is being selected as the most highly qualified on the basis of its demonstrated competence and qualifications to perform the proposed professional services; and s •• -w . . , • -. • .i-. . - • t - •-• r,. - . -- • • -• • - r • - • .' r - • - ' r •- - . w• •' ._• r •-• • ! ' •'' R ! a ; SECTION 1. That the City Manager is hereby authorized to enter into a professional service contract with FirstSouthwest, a Division ofHilltop Securities Inc. and FSC Continuing Disclasure Services, a Division of Hilltop Securities Inc., hereinafter called "HilltopSecurities" and affiliate, First Southwest Asset Management, LLC, to provide Financial Advisory, Arbitrage Rebate and Continuing Disclosure Services for the City of Denton, a copy of which is attached hereto and incorporated by reference herein. SECTION 2. The City Manager is authorized to expend funds as required by the attached contract. SECTION 3. The City Council of the City of Denton, Texas hereby expressly delegates the authority to take any actions that may be required or permitted to be performed by the City ofDenton under File 6228 to the City Manager of the City af Denton, Texas, ar his designee. SECTION 4. The findings in the preamble of this ordinance are incorporated herein by reference. SECTION 5. This ordinance shall become effective immediately upon its passage and approval. t 1;I? ,1[ ''('l) tl i tl __ 1 f' ' ...::.m y ?{}l fr, C;HRIS 'ATTS, MAY(JR R . .. , ... 1 1. . a BY" - - `. • 1'I VED a'4 r LEGAL FORM: ANITA BURGESS, CITY ATTORNEY BY: ,% t ,z-T, i ; Page 1 l ' • ' • • STATE OF TEXAS ,' COUNTY OFDENTON § This agreement, made this ,ay o , 2016, by and between the City of Denton, A Texas inunicipal corporation, with its prtncipal office at 215 East McKinnev r;. i w i, l a t u °a.tv, i e,__ f:`, hereinafter called "CITY" and FirstSouthwest, a Division of Hilltop Securities Inc. and FSC Continuing Disclosure Services, a Division of Hilltop Securities Inc., with an office at 777 Main Street, Suite 1200, Fort Worth, Texas 76102, hereinafter called "HilltopSecurities" or "CONSULTANT," and CONSULTANT's affiliate, First Southwest Asset Management, LLC, with its corporate office at I„g l . -:€. it i ii., 1'<:, 7?7, hereinafter called ("FSAM"), acting herein, by and through their duly authorized representatives. WITNESSETH, that in consideration af the covenants and agreements herein contained, the parties hereto do mutually agree as follows: The CITY hereby contracts with the CONSULTANT and FSAM, as independent contractors, and the CONSULTANT and FSAM hereby agree to perform the services herein in connection with the Projects as stated in the sections to follow, with diligence and in accordance with the highest professional standards custoinarily obtaineci for such services in the State of Texas. The professional services set out herein are in connection with the following described projects: The Projects shall include, without limitation, the provision of financial advisory and continuing disclosure services to be performed by the Consultant and the provision of arbitrage rebate services to be performed by FSAM. The CONSULTANT and FSAM shall perfonn the following services in a professional manner: A. CONSULTANT shall perform all those services set forth in the Financial Advisory Agreement attached hereto as Exhibit A, which shall be attached to this Agreement and made a part hereof for all purposes as separate agreements. Page 2 I UL,"C11("T sl ll p rfc rtn ll ti c s s rvrc; sel c i th in tlz "ts tirl i L}scic s re See ric: A;r l e,t tt a h d I i eta ts I l il,t , wr icf sh tl >e aitac:h ci tc tl is re ine t ai d fl a d p rt 11 ec tc r Gtll pLGrpc s s as sep ar te r ein r ise C`. F AM str ll p rfc r r all thos er i es s t fc rt 1 ira th Arbitr bat S vi s 1.r e rit att c d h r tc s i_ _IT___i i f `, hi sl ll b tiLic ci tt ihis A re rr tlt r r n cic, . p r t h r c fc r .11 pL rpc s s s separ`at re rri lts. L), I th r is y c;rlfli i bet e rt tl te s c f thi A r r ie t acld th att cli d t ch iit tc ihi r rr nt, 1 t c i d c:c ditic s c f` ihi Agr e,ai t wi11 cc ntrc r ih t rrrts r d C:(9CIC itlt9fli dJ t l cl$$r t i C $i1C IIii l1$S. r; rr — I r 1 l l Adc itic r c l s vic s tc b perft r ci by tli 'SLI,I`AN'' afl c F'S l.1Vf, f uthc fliz d by th I'TI, vl ic:h r fl c t fl c IL cled th bc ve-clescr b d Scc p of ervic;s, r scrflb ci s follc se list all dcti ic l r ices t i t l y b r c rred %r tl prc jecg} I c t ppl c,bl, r;- - - . - . - *- w 1 - -, . 1 1 • . - - - - r . . - • • -- Tl1 s A.r rn iit 1 I1 bec:c in ffec:iiv tpc r x aiflaa c th s A;r r t by t1i C"T' rtd t 1 C",C}NSC1L"I'N"C` tt ci FSA I nc flz 1 issti c f nt ic tc rc c ct by ill C;IT'Y, d sh ll rerrlGiii ir tc r ciurita t11 t iai c f tl r sp tg re r fln r t tt;l d h r tc r ci a iy r qL ir t t nsit aYs pprc v c by th 'IT'. liis Pb rri tt y b sc ii r t r nii afed ir cc rc ar c vith the prc vislc ns ir At t cic II nc h resp ctiv fl ts y b tea lr ri at d pt r u xrt tc c;lt s c;11 re er t's terrns, Ci rs csf ih ess ri e itt tl c s A r c r i. rlhe C"C91 SUL,T'.N C' nd F"SA sh Il tr ke .11 r st n bl `c i s ic c a npl t t e servfl s t a th h r ra s sp ditic Gs y pc ss bl nc c flr t th s h ciul st:blished by th C"Irl`', ci ti 11rc.i lY its ity [ar r r his cl sb c1. t 1 u t, i a, o ,1: w ... — ' — . r ' 1 , •, rb t1-a e rebate ai1c1 oritlr t in discic slir, 2. °I r ci I I n-L,b r Exp nse" is def`ined a th i xpeiz f r i y s i m i t ir Lir d by t11 C}NSLIL,'I`P 1 1'1` f r s p li s, tr r sp t ti, qLiiprne lt, tr vel, c r ,ir icaiions, sL bs st c, d ls d in w y °in ham, ai ci si ilar iiz id tal p s s i n ctic n vviih th t assi n nie F°t r and r onsid•ti r th prc`essicstlal s rvices io be p rforrn d by the CC7I I LJL,T.I T d FSA he in, th CIT a r s tc p y, b s d c l the te s c th a n nts tt ch d h r ic. I I thi c niaill d ii this A°ticl sl ll r quir ih C'T"' to pay f r a y wark whicl is Li saiisf`c;t ey, as re st nably cl i r in d by the C ty I n r o his d si, or hic;11 is c t ubrtliit d f z c pli nc;e witl th i r s tl is A r r r t, °Th CI'I'Y sh ll t b r qi ir d ta ke a y p yr t ks t th NSUL,'Tt N°T r FSAI vhe 1 tlle OI StJL,rI'Al'T' r F P,IvI, r°sp ctiv ly, s in d`aLilt Linder this A reein t. It is sp i ic lly under ood d r ed th t t11 CC3i ISCJL,'TAI t"i and/c r F A sh ll r c t be a ith riz d i t nci rtake a y rork purstil i tc this A i r t wlzich rc uld r q ir dditio l ayrnents by ih 'IT c r ny ch, exp r s, or r irnburset nt ab v ih lnaxi ui nc t to c d f s si t d, vithc ut rs 1 avir bt n d writt Lithc rizatic r %° the ITY. rI'h (NS 1I,T'1I° nd FSA s t ll c t prt c d tcs per°c tl e servic;es list d Artiel III °'d litio l Servic s," v{tho t abtaii i g pric r vvt-itter authoriz tit n fi in th IT'Y. Fc r ddi i nal serv c s utha-iz d in r riti g by the CIT in Ar cl III, th CO fSCIL'I'I I'I' r1dlor FS I I sh ll b paid p rsu t tc tl tt.heci r°m nts. Pay nenis 'c r dditi l s rvic s sh ll b du and p y bl upc n sL binissi alz b y th 'i 1 IS[1LTAN'T izd/cs° FSt 10/9 d hall be in accard r c r i fih sLib ction h r of. Si t ir nts sh ll t at b s b iited i are frequ ntly thalz c ntl ly. I m 1 A' EI IT: If` the `I'T f ls to in lc ulldisputeci payc lzts dL the C'C)I St1L,TAI iT ar dl r FSAI tI r s°vic s anci xp r s uithir thirty 30 days ii r r ipt t f th CO I TL,`T"A T@s d/or W F A i' s fl disputed s at ed t ill r t#, p rt p p y «t a i i11t r st a s t `ctrtll ii h pt r 2251 c th T's (sov lr 1 1 Y c d sh ll b paid c n th in l nts d« il e 'C 1 tStJI,T`Al I° r1d/c r F t IVI. Ir aciditi r, the CC)I SiJL,TAI iT nd c r F AI y, if p y t is i a r ived by the hirty-first (31St} fi r rec ipt c f th st t rn l t, f r ivii t i (10} d y° itte i ti tc ih IT`l, su p nci s rv c;s r d r t is A r 1 nt L r til the C"CilVSL1L7'A T i dlc r FSAI/I has b 1 p c ii full l a n u tt clt t r rv s, xp il s, nd ch r, grc vic ci, ha ver, r thii g r ir sh ll rec iir h IT t p y pY pt p yrn i a t i t rest if i I'I`Y" I s bc t id c ispu r th h 'I SCTL,'I'ANT r/€r FSAI I e.c c rn th p y et t r i tl CIT' r sail bly d t r ni th t tl wc rk s ns tisf ct ry, r arc r ce v kh this At-i l V, "C"€ p satic n.°" The C}I SC1L,`TAN'I' ar d 'SP.1VI vill xe is re sc bl re al d dafl dili e c in disc°c v ii r d pr r ptly repartin tc t C T' a y d i cts c r de icienc es in tl dvc ric c` tl CC3I iSC1L,TAl IT ar F E1i1rt c r ny ibcc r tr ct rs c- sL b oristzlt nts, A 'TI', V I - litN __1 _ F' _ (=`1'S A11 d c nts pr p red c r #ii ish ci by the Ct I 1L,T 1I'T r rl E`SA i pu sLia t t th s A r in t t r nstruln r s caf s rvic, d shall b c n th prc p rty csf th I"C" zpc n th t rrr ira tic c f this A in tm '"h C)S Ti TA1VT a.ilcl F'Sf1lvi r iltitl d t -t ir1 cc pi s c f all sL c;h da.`1 r ts, 'I`l dc i ts pr ar d r tf urnish d by th C"C3NSLIL TAN'T ar d F'SAM r ir e ld d c nly t be pplic bl tc this Prc j ct, 1zd "T"s Lts c f 11 s c cu 7ts in c h pr j cts sh ll b at IT's sr le ri k ar d exper s. th v r th CIT I ses y i the ir for iaii sr t r t t r als de r lap d pL°su nt tt this A r fln;r t i nt th r praje t c r fc r c th r purpc s s ha.n sp ifi d h r ir, `C)I ISL1L,i'AI i'T zd FSAI I ai- r l as c$ rorn riy zti all l bility rel ti t tl ir « ii t it p j t, t@ '-CI. V I r FJI' 7' ' C;C iV5C1L,°'AI"` a d FSAI shall pr ic s rvic s t C"C 4' irlcl p r d nt c t°a tc rs, c t s t pi ye s c f th "I'T. C`C NNSLIL,°TAI f'I' nd FSAI I shall i c t h v c° c:l i r y ri ht risin frc npic ye t tlisa I - N i i i '° 1Y l The CITY and CONSULTANT and FSAM agree to cooperate in the defense claims, actions, suits, or proceedings of any kind brought by a third party which may result from or directly or indirectly arise from any breach of the CONSULTANT'S and FSAM's obligations under this agreement. In the event of any litigation or claim under this M , # a a ! a .*. s a ', r + - , - i ! ' y . ' ' M _ c . i . • • . • " • ' w; ' •,' ' a , + - •f i * • •i . M r •' . i ' r N w N R' • ! # ' i • s , 1 ' ' i • ' ! . . , w M ' ' ` • , . ! t , • . _ ' •• c T,. — L)ii th rfc rrnan c f th s r ric g.irdci r th s r rnent, C'C}NSt1L"I°NrI' ar ti SAM 1.11 r ainiair th fUllcr viilg ifllst r nce flth r inst r e c€ pat lic r s d t dc bti si ss b 1 St te c)f I's by tli St te r s ra ce Cc rn r ssrc rt c r ariy sl c essor cy hat h s a rati rith E3e t Ftat C rr ers crf° t le st z A r bc v e l. Coinprehensrve General Liability Insurance with bodily injury liinits of not less than $500,000 for each occul l'ence and not [ess than $500,000 in tlze aggregate, and with property daimage limits of not less than $100,000 for each occurrence and not less than $100,000 in the a gregate. B. Autoznobile Liability insurance with bodily injury limits of not less tlzan $500,000 for each persan and not Iess than $SOO,oaa for each accident, and with property damage limits of nat less than $1 QO,Q00 far each accident. r, • - 1 1! - CIT' is r adciiti l in t r d c il all t l pa ic;i;, nd sl all a t fln a pr risic th t stzch r s«r nc: shall nc t b tr c l c c r t Zc c ified withc ltt tl rty (0) d ys' pri r ritt 7 iic tg; t 'IT nd I SL1L"I`1I t'I" rtd F ii, I s c;h v t, tl e, CD SCIL,°['AN'T arid F AI+ h ll, p ic r tc the %Fe ti cl te c f` th ch r, c r ca l ilatic, s rv sLibstit ri pc lic:i s fiar ishin h c c v ra. A"C'I Xi - A. I t A A _ i _ i1 _ LI N Th p rties cn y gr e tc s ttl r y disp t s ind r this A r 1 er t by sl brnittfi th disp zte tt r di tioc-o Nc di tic 1 arisi c ut t f r relatiiz t his A r zt y pr d withc ut th r i r t c f` bc th p rti s tc s zb it th disparte tc di t c. Th l atit 1 ft r th 1n di tian sha l be th C'ity c tltc il, I)e tt t aarcty, "I'as ur l s c1ifE r;t l catic il t r d 4 A". `4, -- '..i."Va 1 1 '1''v 4.t" A, Nc trvith Yandi g any c ther prt visic c f this A r i t, ther p r y i iay t nate by iv i th rty (Q) ci° .dv i c; vvritt nc tic;e tc th otl r p rtye 3, 'This r lr er t i y b i i ilated i wh l or lr pat t it1 th v t c f ith r party s zbst ti lly i ili ta islfill flt tsblig t r s L r der tl s A°e rn r ie Nc sLlc h ri ii vi11 b f t ti uill s th th e pa ty is v 1) riti n ii e (d lf r red by rtifi ci i, r tL rn re pt r cqu st d) f i ter t tc t rr rt t trid sett r g c rth the re sc s 5p c;i y t th t n- per`c cn, a d a1c t l s th tn thir y 3} ler d r d ys tc c:ur th f fll r, nd (Z a oppc r zr ty f'c r c t sz lt tic with th aiii a ty p°it r t t r natiar. C. f he A r i nt i t rrrii.t d pric r tc c fl p etic c f tl- s rvic tc be prt vid c h r under, C;t SCI"f 11 T d/c r F l[ sh ll i1 di tely c; ll s rvi s ar d shal zd fl a fi l bill ft r s°va tc th CI`Z' uithii thiriy (30) ci y aft r ilce clate c f r in tit r o 'he [T4' hall p r `C7N C1,T'AIVT a d P 4N °r 11 s rvlc:s prc p rly rer d r d nd s trsf tc rbly p r c ri d i1d c r r ir b z s 61 rises tc ter ninatic n it u red pric r tt th c te c f tc;rn i l ic r, 1 c rcla a e vith Articl "`c rrtp r tic n.'P 5htsu d th 'C° s 5ec u r tly c;c e tr t vv th n wv c flzsult r i fc r 1 c.t)t i ti tit r t°ser ic s c tlc 'rc jec:t, C7I 5U TAI'` and/rar 'SAI shall c:c>perate n prcavadir 1 farr t aiic r. Th CC 5L1,"`A I` a d FSAIi sh ll ttR av r ali dc c,Lim n s pr par d c r ur ished by "i7I°SCTL'I'AN'" d PSA10 pL rsua Zt t this A r t tc th CI`TY c i r b ft r th dat i r I ati, bu rn y 1 ir t in °pi s c s h cic cu t r is c r its Lis, ik? ( ' y ;, )., r 1 4 I the desi c r t th r wc rk pr par d by th CC7 SUI,'-I'P.I IT' r FSA its d plc y, sL bct ntractc a s, a i t, d c cl t t llis. CC I I[1I 'AN' nd FSAI/[ •c,ir, c s;n ruspc sib ity z gZcf li b y t 11 t m s ci«rfn t 1 s E r nent racl `t r c r pl tit il a` tl i; A r er e. A PT V — IVd="T°i(" All i1c ic s, cc r i zliic tt c 1, Zc1 r pc its r qL ir d p t-ii d Lind r this Agr rt r sha1L b p s tz ly d;l r ci r n il ci tt til r:;p tfl r p 1-i s by ci pc si i s fl: t1 ih S it S at a il tca th adcir ss shc n b l v, c:c rti#i d rn il, ret i-n r ipt r q sted, Lzr l s the is s s ifi d l rein. il il d nc iic s sh li l c ci Lc m tat i t d as c fthr e, (3 cl ysP i i: Cc O1 SLTLTP N'T; FirstSc u.th r s, a I ivisrc n c f I-Ii[li p 5 c iti s It c. id I d6 r ich, Ch i-rna 7i7 M ir Str i, S it 120U or T1c rt1, `xas 7 i 102 c l' S1 N F'rsi c lz hvrest ss t 1 I n rrceni, L,L,C W lli rri Ja i st t,lVi r iri r t i 1201 Elrr Staee.t, it 35t}0 L allasg `1 as i5270 To° IT''o ty t f D tc 1 ha I s Sp ii r, hi i`ci 1 C ffic,r 215 ast I i n y C 1 ton, 'xas i6201 Al1 iac tic s sh ll b d r 1 d f°fec;tiv L c t e c rpt by th p r y tc vvht n s ch r c tz; is f er, c r withrr thr (3} day" i i. Y'IC; V I L ' If ar y p c risic n t this r ent is ntf c r d ci by a c c uri c t t p t r t }Liriscii.tic rfl tts b i lv tlid c r e f°c rc bl, t hall be c.c s ti r€;c s ver Y l °rc tlY r flr flaZcfer s f this f r er t and sha c t c as th r ir d r tc b 1 v 1 r g l%r abl, Ia s h v r t, tl p r r s shall r f rr tlzis re rn i t tc r p a s h siric.k i rt vis c r th v lid r ci fc°e bl prc visrt r vl ic h cc s cts Ic s s ptrs ibl tc x r ssi t ir i ztic fl fth trick l prc visr r. rC C Y i L, C V ' EI A S Q1 C(ISCTL,''1 NT 1c 1 `AIe sh ll t nply rith all `d r l, st t, a d 1c 1 la, rule, re ia tit r s, d t rdiri c;es ppli bl tcp th vv°k c v r;d 1 r d r h y i y r c r r.d c r her anai°ter b ai rtd d. ll ` „ ti , . , The Consultant covenants and agrees that its officers, employees, and agents will have no interest, including personal financial interest, and will acquire no interest, either directly or indirectly, which will conflict in any manner with the perforrnance of the services called for under this agreement. No officer or employee of the City shall have a financial interest, direct or indirect, in any contract with the City, or be financially interested, directly or indirectly, in the sale to the City of any land, materials, supplies or services, except on behalf of the City or in compliance with the provisions of the City of Denton°s Personnel Policies and Procedures Manual. Any violation of this provision shall render this Agreement voidable at the discretion of the City. A I V C 1 A In p rfo rr n il e s rvic s e qtiiir d r ui d r, th C`C7I SUL,TANT nd 'SP.11 sh tll r t t d c;riin z te aii st ny p rsc n c r th i a.sis c f rac., c c l r, r l iai 9 s x, n t c l t r car c stry, , lYysic l 11 di p. A I XI - E S L, A. 'i'h CC)i ISC1I,''AI'J"C' d F fl r pres t that th y hav e will L r, t tl ir eswl t exp ns, ll p isc l r q zir d tc p r c r li th s;rvic s r q ir d lir c r this A re t im h p rsc izn l sh ll i b plc y s r affi r c f, t r i1 v ny c ntr c;tLi l r lati s r th the 'Ir['Z', CC I S J,T'.I T' nd 'SA I sh.11 ift the CIT' c f ny c i ly t c f i t r st c r pat t l a lict c f flc t r-st th t rrt y ris dLari th i rtn this A r r z rlt. All servi r quitp d h nder v l( be p rics t zed by th Ci N L1L.T`l%IT' d c° FSAI Im A 1 p rsa n l d in art-k shall l q lifi d, 1 d s ll be Lithc ri ci a 1d p° itt d aa d r si e i d lc c l l tus tc p r car i h rvic s. Ii1 thcs insi n s de in d Z s ry by tl CITY, th C}1 15[ILT'ANT` nc/c r FSA a d° t11 1r pl r s sh ll b r c sir d tc bi it ta b lc r Lir d l cks. Th C0 1SL1[,'T'AI`T' r F A/1 sh ll cst a si r .y af iis s p fwarlc d r i1 thi A°rn t t9 d sh ll r ot tra sf r a y c its Lcsp a vvt rk u Zder thfls 1 r i 1t vvh tlz by a s Zt, ilovati cl, r c th r v e) rith l`t th priar riit c ns nt ` tli CIrI', h utd. tl QNSUL,r['A" csr FS 4I ssig ly p ri c f the nc a i s ciu ti ci r thys A r e nt, 'C I ISCTLTAl I7' c FS11M s r;quir d c p c vid itten i1 ti e s f th sa t C`I"I'Y. At y ssi e t f ni s dLr nd r this A r n n sh ll n t c,h i y f th t r csr c nc itia s af tl s ,°n r t c Y l de b t n i l fl ii d tc th t s d cc clitions fcsr p y n t Li d r this A r nt. I I Ic iv r c r t df i i r af this ga•i r i c r af a y c v r t, ccs diti n, c r li nitatic h r i1 c c t n d sl a.11 b lid l ss i vr ti ar d dLily x c t c by th p rty ta b c:h rg d th t-w th, c nc vicien af ar y vv i r c r t ac difc iic s1 11 b aff red ar r c iv d ii vic r c i aily pra cling ar siY b tvv r ih p rti s h tc L t f c r %f ti th s A 1 nt, c r th rf his c r Page 9 bli tic i s c i th par i h r Lind r, i ci uc less s ch w iiv r c r c di i ti i s ir v itir nci Lily L t d; nct tl- p rti `i.trth r re th t th prc v sic ns c f° il is s c;tic n will c t be vv i d L nless s s fc rth h iri, A 'rl X Cr N T r . • . . , . _ . - - . . r . . M , * .* . . • M .-- •, . !,- , • A 2`i°ICI,E 1 - I I EI'T 'TC3 Ai1IiI"T Th 'I'T4' shalt h ve th ri;hi tc Lidit r d ak api s c f tli bc ol«, r rds aiid cc p t t c r s p tainiil t il is r nl i t. Tl U CSLTLTAi IT n FSA shall r ii i h bc t ks, r t rds, d ti nc.t t cl c tl r v d r e p-iainii tcs this A r 1 czt dLti iz; th o t c;t p 1-ic d nci fv ( 5) y rs th r after, ept if r audit is r prc°ss t° L dit i zcli Z s r ye Lir r solved, in nrhich s r c rds sh il b k pt iiztil all a ad°at tasks ar tnpl t d nd r s l red. 'Th s b c ks, ecc rds, dc t and c t11 r rid r h ll be, v ilabl, v rith 10 bl sin ss days c f vritter r qu st. F`uril r, th C'C?i tS(JLrI'AI f`T nd FSAM sh ll alsc qLiir all S.rb c tr ctt e, t rill s ippli rs, d c kh r y s tc rei in all bc c ks, r c rds, cic ui ts and ath r vi c per ai in ts this ,i t, i d tt all w th C'I"I' s t il r cc ss ic thc s d c:tirner ts, AIl baok a td r ords will b cl ava lal l vv hi« 50 il °aciiL s f t ty c f L)r tc, Th c st c the udit vrll be bc by lle IT a 11 ss th .dii r v ls csverp t c f 1°0 or re t t°. I` a c verpay ra 1i c f 1/ c r a.t r c rs4 th r sc l bl c st th al ci, i ludin ny tr v 1 osts, r L st b bc r by the C)1`5C1L,TA TT a d/c FSAI, wh c.h ust be p y b w thin fiv busi ss c y c f r l c f an 11vc i. Faillt t c r p1y with th prr v sic i s f this tic il 1 11 b i iial br h f th s cailtr t d s11a11 c:titut, ir th CITY'S s 1 disct°tio, res r cls f r i i i c th r. h f the t ri s @'b oks,° ,°r°d'° @°d uin nts`@ aa d "th r vid nc°' ised b v 11a11 b c i strL d999t tc ir ll d dr fts c d e ir nic til s, v such dr fts r I ctrt r c fil s r ,bs c u ily sed ta e erate r pr pa°e fin l pri ted cic c. t, t V - N A. Th f llc u xl ib t a ti h d tc and in de . p rt o this 1 i t: [.rl t t ;. Firl n i 1 Adv c ry e e t; Exhib B. Continuin I s Mc a 4 S rvic s A r ir i. Exhibit C. lrbitt- FZ bat S rv s °et nta d xhibit i1 ic i 1 Advis r^^. s losur 5t t t t nt. _.... 1 . ' r , * . r - r . •- • ' ONSLI TAN` nd 1'S I 1 c r c; ta prc vlde thc; C"I15' w ih nc ti c f th il e(s} taf r 1€ t i 1t r ds ta r pl tc the kcy persc rc. C'"`' ha l have a r ht tc r jec ny r pl c ea t k y p r r(} ild C DI SCTI,T 1"f' a d °SAM - o rne i pla ine t key p r c c1(s c cc pt bl c th `'o l S,TL,C l T YZd F'S M sl ll c c a raZ g, ;a ry c n, r d c c ri pl t r y .nc all prc j c:ts with 11 appl abl d1s.t i9 r sc ur c, ec;cm€rr al, ci tfi i flrt r rc e- id r ccvrd nc°c vdith tl prc vi ic res r ca#°. Iri o l h i th aroj ts, C I'SC11L"ANT ncf F t[ h ll take s a h st ps s r pprt pri te t 1is ir that th vcsrk ia t lved s pra rly p rfc rrr ed. C9, "i'i [I`' sh il as is the (i 15C1LTAN I` c d PSA1 tI by pla r t h "C7I 5L1L,`i`1 I`'s ar d FSA i°s ciispt I 11 v labl fllfc rrnat t t p z ar rLt tc the Pr j is, irtc;LLrdir pr vi s r pc rt, ar y c th ta r l tiv tc tl Prc j c t, arid arra ir fc r th c ss tl r t, afl c a ak all prc visio s for ih C I 5L1,`TAI I'' d FSA I tc efl n c r p at blic znd p•iv t prc p ty q ai c3 for tl I I LTLT'A I" t 1d 'SA1 it p r c r s r•vi s t d r tllis l r r t to Eo rC i p c s c f th s A;ree erit rc c r c r aiic 1 1 .Grpc s s c a ly, ncl sh ll r t i any y ffe.t th s abstan ivG t rrns or csnd t a s c f ihis A re rr c t, P t xxv __ ___. Pr Thrs t e rn t, cc fl sist i; c F thirty nit (39) p s a lci c a- 4) xh b ts, cc r s t t th c;c r lete arfld al xprc,ssz r c f° th a r i a th p tties, nd is i t ridec a c.c p ilc xcl si stat i t th t tns t` th ir reer er t, i ci sltp rs ci s 11 prac r c rat pc r rt s c ff s4 r is, r pres nt tac r s, ne,t{t car s, dis ssic ns, '1 1n atli tit, ti a r fl rat rhi h y h v e ri r ac in c c r n c t t with the s tbj c t aitcr h r caf. I X V— " i1_ E S L, L1 t S CONSULTANT is providing its Municipal Advisor Disclosure Statement (the 66Disclosure StatemenY9), current as of the date of this Agreement, setting forth disclosures by CONSULTANT of material conflicts of interest, if any, and of any legal or disciplinary events required to be disclosed pursuant to Municipal Securities Rulemaking Board Rule G-42. The Disclosure Statement, attached hereto as Exhibit D, also describes how CONSULTANT addresses or intends to manage or mitigate any disclosed conflicts of interest, as well as the specific type of information regarding, and the date of the last material change, if any, to the legal and disciplinary events required to be disclosed on Forms MA and MA-I filed by CONSULTANT with the Securities and Exchange Commission. Page 11 IN WITNESS HEREOF, the City of Denton, Texas has caused this Agreement to be v i. cl aly i l r r i C"it r 's.i-s "t 1 1[,,'' h t :ecuted this .i•r t 1°;.I iG 1y ut•:c zt rsi r tl r c ihi , m IG y cs e_ , HOWARD MARTIN, C'IT ' MANAGER IW c l JENNIFER WALTERS, f:`1 1;'' SECRETARY BY: ___._ l t)1'1:C3 AS TO LEGAL FORM: ANITA BURGESS, CITY ATTORNEY s ti ,, BY: - ' ' %, 1— BY; "' HILL A. FEINBERG CHAIRMAN AND CEO BY: _m--- HILL A. FEINBERG rv CHAIRMAN AND CEO Page 12 i 1.1-4.1r 1 Y l I 1Y 1 T`l is Fiz nc;l Advrsar•y At re nt th "A r• t t"@ i n a d t c d ir tc by r d Y t eri th C ity c f L t to, "1 @'Iss`'@) d °rst scauthw t, a L)iv csn c 1` Ii11tc Sec trities ir c. F`S @@j ff tiv s f` tl c. ci t xe,c t by i Issuer s s t Fc th c t e sf n tur p h r caf. VI"I`NES "T : I t AS, th Issue 11 h ve d atls d°tian frc rrr t m tc tii U th L t c riz ztic r t d i s ce of i ci bt cl ss ir ci nc ur ts ti fc rir ,hic;l ann t pr enily l c t zr{c nc, ir c nn ctic itl th aLithc l ti n, sal, i sua z1c d i v ry t f s r ir c t cll, Is u r d.ir s t r t ir n inc r d nt ir e cral cfv sorg c WI I.E S, il Issu r desires tc obtarn t pr f s iar l s r c;s c F 1 tc c is t1 Issu r r rdir, tl. iss a a cl s l a c rt in v c s c f i debi dr ss r d bc c b i atic s t ln y b aLit tc r ci ar c si c c r athe, i r teci r s r a cl by th Is r (h ce rr ft r r ferr c tc 11ect v ly as the "I3ubt Inst r e,rrts'@j f°cs t r to ti ti ritl the p r ac r avh t% r t s1 11 b ff`iiv; 1ci I£EAS, F% zs willi; is rov cl it rc f ssi l s rv es r d its f;ilit s as z7.a i l c v t r ir ;ca l tic r witri l1 c r r.s c f in c z g s in y b cc sider r d Lit icsrized by Is c r g th p ric c in u11z h this r me t shal[ b f ect v, N(VJ, TI-IEI.FC Ii, th Iss er d F`S, i o sid r t c r c` th ir atL l c.sv ncints ar d n r t h r cc r t in d ar d c th° c c d nd v lu bie c r sicier ti, c c h r by r s fc lla rs: E''I I - I "I 19 I Jpc tl r q s of n a t lc ri d pr sent t v c' th [Li 1•„ FS s tc p ipf th. fin r cz 1 c visc r s rvic s st t c ir th ic llc ir p°c v sresr s c this S ctic r I; ti or h v1e r ci r ci sLGc s rvic s, t I s r re s tc p y tt F th cr p ris tic r prc vid ctic r l er c f. e 13 f a 1.g I']4a i t. otth dire ti n `Is u r, ESW shalle i. r_ s. a 1 1 t, Co d t a stlrv y c f` th, iciarlcg l r r Lfll ccs c f tl e tssu r c c et rr irt t11e xtertt c° ts c pac°ity tc Lithc r z, 1 s ie g1 s i e ai y bt Id strt t t c a ternptaiecl, Tlb s survey u ll flric l ad r n 1 ly as c f ray xistir ci bt str t rrc, s c c tr p r tl v iih the xist r g ra prc 9 Lt ci so zr s c E` revei Lres whic h r y b pleti ci tc s c;zr payt nt rsf c bt servic e d, vh r p arc pri t, ill fl°luci a stL[dy c f ttie tr r d t f tli ass ssed v llx tic i, i xir p ver and pr se t nd 'iztlir tc in r quirefln i f` th Is u r, In th vent t ies c f` isti c r prcj t cl fa ilitr s c p rat d by th Iss er Gir ta S p d;ci tca r p yrn t c fth L?bt It stt-t:d ts hefli cir ciefl• cc s d rati, th s•v y tuill t ke irttc cs rni ny c tit tarid r; ind biedr ss paya l f`rt n th r v s th r c f, dci tbc r r vet.i s tc b v lab; `rc>n i y prc pc s d r ir c.g•eas s d adc itrc na r ve z, pY-j ct d by cc g.zltin f biri er in Ic y ci by tYt Is uer, r sultir '°c rn irnpro r e ts tc b f ial c d th L)ebt Inst-rg rit lt rcier c sid r iic n. 2. 'a4l re Fiiia c;r s. `t r sid r i cl ar 1y ftictt ge in l cir; d c s prc l t t by tri Iss z r`s i Ff tl c rfl ultiri n rl rs r c t t r xp i ts, flf` arry, rrrp oy ci by th Iss i r. 3, I c:car ni g ci tia s c r Li bt In trLtrrac,rits. C3rr the i c f tlg infc rt a icsi c vel p cf by the sbzrvey d s cib ci abt ve, r d c tl r Yfarrnatbc r d exp-i nc a l ble9 brnit tc th C sLa r r cc r rrdatic r s r rciin t11e bt I11st•bn ts Lc tci r cca s cier t c g, irlc;l diri Ltcl 1-ts s th d te c i` sstt, ir t r s p yrr er t ci t s, sched rle c f pr c.ip l fln t r 4les, c ptic s c f pr c r p yrn r t, s c r it prc flsic ns, r d s Gc;l nt a r prc isit Qls as rn y be appr i t in c rd r t€ rr lc th i sLG attr ti r; tc invest rs hil h vi g t c t j ti s c f t17 Issu r. l l r c ir n a t tic s wil b cc rtsist nt €vith il c l t f ci r ir; th bt C str o zts tc b gd r r ter v icl c r clv c ta c s ic th I s.er i cl l i t11e lca v st rlter t cc si c t sist g t ith c i%r c;c flisid r tic ns. 40 I trk t Iglfcrr tr't n. clv s ihe Issu r c ur i i rpr t tic r c f L rr t bc r ci irtark t c t itic, c th r r l t d fc)rthct rniilg ba d gs zfles t tl ger ral flfltft r at c a1, wrth ec,c c ic ci t, vvh h i z l t t ri lly b xp ted tc il c yr er st c•ate c r l ic c$n c.c r c itic ns sc thai th ciG te c f ale c ff tl e L)t Instr t ts rn ty b s t f vc rabl iim, 5, l Liics. t th g t t is n c ssary tc hc Ici a l c:tic ri tc Lithr ii e th L)bt Irrst-x r ts trt r ,it d r c t sid r i i, F"Si I rill ssrst fl1 i c t dgn Ltir th a set ably of sL ll data s ty be rec uir cl ft r t3. re ratic t i ec ssat-y petztic, r r, r s lLrti s, c rdinarlces, nati s r d rtifica ir ar n fic il itri ti e lecii rl, ii cl ading s.t rr ta tkte tr srr issic i. f :« data tc ir. c muni Ypal bc nci att r leys ("c c cf 'r ul sel"'j r t rn ci F. I ebt NI n e eilt nd 1 i cial Irrr sle ent txc, Af th dir tit ra af I Li r F W s1 alle I, ,4 t1 9 ( `1, v lii t tl p ti l r fi r c n b r c izt m alat d, giviil cc>nsrderatiail ta il n p xity, tri rk t ac e t2i c, r.tin, si a id tr t lr i 1 xd z ta rrl lc re o nm lid tr n as tc a.r pprop a r th d t f 1, r t: ao If`th CC bt Cr.strz rr r ts are t a b s Id by art ad rti d ct rnpetr.tiv al, F'SW `uil; 1} Sup r ris il s le f th bf Iilstra i t X s 2) L)isset z.t inf rr ati n tc pr€sp t bici.rs, or;agzi st c.lt ir f€rr rxaiic rr l ne fir rr.ay b nec 5sary, i.e facziit t prc p ctiv bic ciers' etfc rts irr. king ti n[y rbr i sic z c f prc p r bid; s i t th t t f` th IsSuer ir cac rdir atin ih r c:ipt c f cl, th f k pil g o£ gc csd faitl c.1le ks rrc tl e t bLil tiatl r1c col parisan t f s.rk tnitt d bicls; t ct Ac vise . tl Is c r r arciin fh b st bid ar ci prv rici aclvi e r rc r cc;p r ai re iiot f" th bicl. S. I tkr I)bt Iri ti r er ts ar ta b sc lci by r gc tiatecl s l, F'/ vill; 1 j t i cf f r Issu r°'s fit al apprc al rxd a c pt r r c r rrz r a v tr rik b nkir b Cr ns s rri l a rs c f` i uzld r rritit syc c$i t f r t11 p rrp t s t f n gc tiaiir t1:r pL r h as c f th L bt Irrsir r s ts, 2 cr p rat wiih i1d ass ist r y s t ct d ma t i 1 Lti c r vrit r anci t11 ir cc tir s l irr c;c r r ec;tic t rith t1 ir ef`fc rts tc pr p re cty C}fticxal St t i r t c r C)If ring 1VI rz.csr rrdume F`S ill cc€per te r`rtl rrtl a sist th Lrrici r€ri rs ii t pr 7 r ii L t c f b z ct p rrcl«s ct ii r t, r nci r vrYt am' a r r t ar ci th r r lat d dc c;aitn tso Tl e sis inc`rred iiz s ch eff°c rts, in l zd n tl e pri tin of th dac; i-ts, will be p id ir c rd r c°e, fth h t rcns c f th Is ue`s r erne t with tl t t d rite°s, bLat sh ll nr t be ar b c n c bli t ot c f Si, c:pt tt th exter t specifi lly prc vid d th r r s ii1 thi A t ee e t c r as t n d i wri it g by F'St I. 3} Assisi th st ff c` th Issuer i th sa`elc pin c fi y t csd f ith ch k, c il t t t tl re r r y sti h, nd prc icie cc si ca parisan, `r bc th x i s aiid i terest hich re sti e t d by the uc derwiiters, tcs the tl irrer t ark t. 4} Acivi th IssLt r rs tcs tl e f irr ss af th p ic f`r d by th `d r riters. 2, ()tiTc a i [:b t:. c ordin t tl prep ratic f° th r c tic c f s le and bicidi it str cctic rls, i`fi al st te ent, c f ic it c rin r d s tch th r dc c i ts t y b r q ir d a d s b it I1 sli h dc l in nts c t Iss r f r xa it at, PPrc v a d ti icatic. A#t r s ch x rr ir7 ti, pprc al r cl rtifi t, F'S hal1 pr id t11 Iss er a ith su:pply c f ll sL dc cL r r ts sL°fc zi ta its n ds a d distrib ste by rnafl r, vh pp°c pr at, by le tranic ci livery, s t c f th sa t prc p cti purch s rs f tl e ebt Ir strurn r tsm Alsc, FSV I sl ll p vid cc p es f the i l C7 fi ial St t nt ta tl aLirch ser f th ebt [t st L n i1t in ac c rda c with h I Iat e ofS l 1zd icidir strLbcti r s. 3. ";;9 i l it«:. Nt ake r cc rr rr ndatic s t the Issu r s tc th dvisabil ty of c btair ir cr dit r t 11, c r r tir as, fc r the I bt Ir tr a ts arlci, vvh rY dir c ci by t Is r, cc csrdinaie th p p r tflc c f° sl h f atic n tn y be ppr pri t far sLflb ission tc th rati a nc:y, c r a i. I thc se c s h th dvis bilit t perst al p°s r tatic n of ir i r tic rt c the r ti a ag i y, r a;ies, n y b dic t cl, F S VV rill rrailg r such p sc r l pr s t ti n, Litilizir u lg c pt sitic r f r pr e tativ s fr t the Isslt r s cn b fin lly a,pprt v d ar dir t c by th Issu r, 4, "i -a4, l'i i,, :t.,.f.i•. CTpc r req t, cauizsel vi h h Is r i th s le ti f ' st .ncl/r Pay 1 e t l egi tr° f r th L l t I1 str ts, ci ist ii1 th ti tiat7 of r r r s p in iit tc th s r i s a d 1z f ide t th too 5, F a i l PL bl ti r s. /h pp°c p ia, ad is fi zc c l p blic ti s c f th c rthut in s l s f h i bt Instrur l a ts i d prc vid the with all p r ir e t i f rinatic a. 6. C c ns alt nts. t:tt r cc7 l cltiri vith arlti t ceiviri citr.e iic ns rcrtn th [sai r, rr i fc r sucl l r pc rt zcl t pillic ll t f r a Lrz d ir d p rlderit c;car.u tar t s rr ay b appgc ri t far tr licc.s fl C tn rk in c f the Li i I ast tr r ts. 7. Atat i.t c-s. Ir t17.e re1 t c r rg al °ritic tic by n ir.deper c cn r uciiis r c f any c l trl i c rr.s ir flcient tc th I bt Instr in nis is r c ui ed, rr ke rrc n i ts fo such rvic s. l :.a Att d ir eti f h gc v i b ciy c E the IsslL g i s t ff; r ar.es t tiv r .c nrnitte s s r c s d t all ti rets vvh F'St ar y be €f` a5sist r or servic rtd th, stii j t t f g cic is t be di s ss d. 9. E'-i t r=., Tc he exf t t al t c r ci by th I sLi r9 c>rcfi t 11 c°k Z c eilt ta pri iiri c f th c`f`riri dc ul nt nci i1 e I bt I sfz-.r 1t5. 10. Lic txd `aLtr s l. Iai tair r sc t1. iih c ric Co rr l itZ tl e pr p r.tic ri c a11 l al c c c;L rn r ts z t rt i t ic il.z auth riz tic rl, 1 ric isst.r c; of` th I3 bt Iristru t. l 1. t tA=.;; l_aa,;. Prc vid t th Isstter c pi s c prc pc s d c r t c hatZ es in d r l c fci si t a v, r s ar d re rlaii ils hL vir, r exp ct d tc hav si.ificar i fFe t c r1 the, rnuali ip l bt d. rnarkef af` vvl iclz F'S l b cc tnc, vv r iza the c>rciil,ry Q rse, c ts bu i ss, t b ir urtd istc c d th t F V dc r c i ricl rr y nc t a t s t.itorr ey f`c r, r prc vic al dv c° rvic;es tc, tl Issu r. 12. L7 1iv rv of L bt Instrr rLts, A soc)r s a b d c r th. L);bt Iras rti c,alts is acc:pieti by tl Iss ter, uc rdirl i t fc rt t f° ll c r c; etl t ili r.c that th L)bi I stt•ti` plts rr y b cl liver c a 1c paici f`r as p ditic gsly as pc sib e anc ssisf th I su r in th pr r tic r r v ri#ic:tit7 of i 1 1 clt sir i Lir s ir cgdet t tc th d i vury `ila L)bi I str.r t m 13. J:i -r; c9 9 1: s`1.es'. I^.Nt i't,. ft r tht, lc ii c f li s l d deliv ry c f t11 I bt Ia s r.iit t, ci[iv r to th Iss.t r a cll cir 1 c f lina.ial d bi rvic° c Ltirer nts #or t% L}bt Instt Lt e,r1t ar d, ir ctac rdir tic ith F t r d C;t s l, ass rr thcit ih payirl g ntlre istrar tcilt r trt si 1 b r prt id d t11 opy t11 tithc ri ir c rdir a c:, c rc r c r r sc i ttiatl. C:rI"I II -'T 1 I F : 'EE'I' Th s 1,r Zt s11 1 b c f'c;t`rv as f th d t ex L teel by th Iss° set `c r h act thL f n t r ; Iz r c f Yd, rrl ss te xit.at ci by itr r p ri p rr t to tic rl l c f this 1 r r z i t, sh ll r 1 a n in 't t r aft r fa° periacl c f fi r (j y r ra sr.i h d t, I'I III - "I"; I 'i"I Ii Tl is A re e,nt rr ay k e zrninrited rith c r wit c it rs by th Iss r c r F ar th ivin c f a l st ihi°ty (30j d ys@ pr{c rittcr. otic; to th c h r party af its rr t r7 lar ic terrr r te, sp c;i yir rn L ch r c th 'f tive clat c° s l termi atic n. Ir1 th v t c f suc.rr t r Y i atic, ii s uricle.rstoc d r cl a r d 1, c r ly th c Lrnts ciLi r W °c r s°[s pre icl c icl xp n r c;irr ta th i t c f° t-inir tic ri vil1 b c r rtd ay b1. Nc p lty ill k ss ss d f r t in ticarr c f i is A°n z1t. c~r - rrr , s l r Tl ` d z tc F°SV T frzr th s r i `c r l and cl sc ib c i Se tia tt I a` t i 1 re m t it i i t 1 is c f bt Instr rn t c rin th t-rr c f l s A r r t shall b alcr l.i d in c rd r7ce `v h th sch ct il t f h c z <:i :1 ta h d er.tc. Tnl ss sp ifically prc vic d c t er v[s s p r c ix r r 1n separat rxt r r err e t bet v n I sra r d F"S, su l f s, tc tl r vith ny c t%r f s as y h v ka n tl lly a r°ci L p t d 11 p izs s f r hich rSV is ll itl c tc s i b es zne t, s1 11 b du a cl p y bl ear li rer tly rith t d li r r c f th I b I st-ar r c tk e pL.ha r, CP['I 1- I C; I.I.EC.LJ l, Ch i e ca' L r, T i A r c,r t 1 11 b ons rized nd ;iv t £fe t i c rciai c v ith th I x nrs c f tl St te, o"T x s, 2. >i 7 i«^ '::i: r'.5 i 7°s'tit:. h ;r rr t shal[ b bindir «pr rX r cl ZL c tl Lr t i f th iss s r ixci FS I, th ir r sp t v, sLr:c sars a 1c s fg s; prc vici d rr ev°, il ither par y h r to xn y ssi z c r tra sf r y c it ri it: c r c bli ti€s l reunc er ithc t tc pr c r writt. ccsns xf c f c t r a,rty. 3, tir ,°rn zzt, Tl is n t rt nt c;a r s t:h nt re, r m n b t i h p rti s r l ii to the rights herein granted and obligations herein assumed. Any oral or written representations or modifications concerning this Agreeinent shall be of no force or effect except for a subsequent modification in writing signed by all pnrties hereto. FIRSTSOUTHWEST, A DIVISION OF HILLTOP SECU ITIES INC. ,,, BY; ->. ;. ,,,,.,. ,,..., David K. I'7 z 1, Vice Chairman t CITY OF DENTON, ° BY: : .._. w ` _,— _.m R DATE: . ' BY: APPROVED AS TO LEGAL FORM: ANITA BURGESS, CITY ATTORNEY BY • ,, .-,` . . _; .`" ' , Page 19 i i r T'r cr ar s fc r ancil ry s rv c s, ir c l«di; c ffi:i state n nt p iritira, sli ll be lev ci cargly fc r thos s r ric es i h • rc c nably c ec:ss ry ir r,ca plc.ti th tra sa c c ar d vhich re c-son bl ir ar c L r t, L nl s s cc.h I ar s re g tit ci t h s c;ifi ciir tic d- c f t i I u r, la acynzeaai f c°ha°es fc r jrnc rac i l c ci as oryv se vzees cics ribec za ,er.tzc n I e f tlZe fU°oin,g 1 r tax r.t shal c r tis nt tb a tC deldvely f b r s as c shc Cl e cl z c t the tzrrz t/ac t or cls c d elir er ecl. . C`h Iss z r shall b aesponsibl fc r th fc ll r`rr exp res s, flf arfla h p li bl, v tl r they re Lt r eci t th Issu r cirr tly p ns s ar har c tc th I s r b F°S I s r ilriY xrs tb xp 1 s: Eio d c;ot ns t 3c d pri tinb E t r ti ra.ti s r ciit anc i t f s f r r r c i g fiei l st t rrfl l7i p ir ti P yin a t r istr r/tr st I`ravel xpens s 1r d rit t nd t c rw it rs c l i s l I r c:ll neoa s, Ync ildiri c'y, <i l v ry r cl phcs ch r;s h c y rnerat Qf r°einzbal°scabl e er ses tGtcai F"SY ltc s c ssLtrned crn behczl%f t te s.ler s ctll NC?T' b coarti ea t a pc t the delzv y f b ancls czr cl shclCl zt c th tirne lh at s Yvices c r e t ncape^l ctnci pclyr le t o t °ec r vfc r ir7t taice ther for s arnr tecl lay FS"T i . t ,i' ,, I''I' ' EI`1C 1 g Z'X S 1.l i'rfl" 'e a7 f B m:9s.1 Y tl 1'V .7 l .A 1 w 11 a Y\ @' s. I tl I l 1 P s`? lJ sJ L V o In c:n ctic v th h s le r ci deliv ry c f c t-ain b nds, 1 c)t s, e t fi a s, or a h a l ni i l ob12 a i s (1 "a ds"), tt issai r has d r irc aar d t kin tc d s l e tc th r stil public;, c p ri dic r d c tiri ir b s1s, c rt i {fara t c, s r fi,illy set fc rth ir suc,h a d akil s aB d s ant 71 ted by the prc vlsit ls f e rit s rrd cc harc C inissic Z l 15 2 12, rn deci th °Pl ul"e T`h I su r ha re d t a SC ra gn rr L?s Ic sLir S°vices, v sic r c f Iilltop S€;curiti s Inc, t@,`c rrt zui I7is l sc r S rvi`@, tc s ist it uitl thesc, a iir uirt ciiscic sur c b1i ians, f° th c nsici ra ic i1 and c th ter d cc rld tic s s t rth °i, i ltiactirl i11 prep r tic r d s it lr issi r caf n a l r pc-t (th °'An i l F po1 t @` i1ci th rep rtiii c f c r aial sp ci i d v t (th "v nis°°, 4vhi h r s t fc r h i th Is Lcer` xild rt ki, th aa i d in xb tia 2c. b lc, Th p r i r s tc llc ws: 1, Thi A°ne t shall apply tc 11 issu s caf c ds cieliv r d s bs cl.nt t th f tiv dat f` th c;or tinu{r discicssL r r qtGir ents .s sp cifi d ir the Rul, t h xie t that y p rti rzl i s e dc s ncst q z l fy fc r e ptic io tl nti ui dis l s r r q ir rlt c f th 1. 2. C ii l ir1 7is lcss are e vi ees tt p rf th fall win c r nectic n vith pr vidira s rvi s rel i tc tl Issuer@s c nt i g disc;las c bli tic 1; ae As ist ih ssL er i n pili dat cl t i d c° s i d by th ss r ta b dis lc sec; ba As i t the s uer ir idetztif'yi c th r 1`c r n trt io b c fl fld r d i7y Iss r r f€r cc ti aL in d scl ur r pcs tin p a s s, 1} Pri c:ip l d i ier t paytn lt d lii qr,i ci s 2) I d-pay i r lat d d f ults 3) C1 sch dLil d dr vs c n ci bt rvic res v s r l ti %in n i 1 diffic lties 4} LTnsch ci il d c ra vvs c c:redit th,c l nts r 7 c i g fr a i i l difiictil i 5} S bstit itic f credit c r liquidiiy prcaviders, c r il-eir fail xr tc p fo n 6) .dv°se t x pinic r s c r ve ts affecti g th t x-e pt statu c th e rity ij 1 Iadific°t ns t ri hts csf s cl ity hc ld rs and c lls 9) I f s nc s 10} l i as, s bsiitl tio, c r sal csf prop y secu i ep Zt f th i 1 } FL tin chan s 12} Th iss a by tl e IRS c f pr pcss d c r 'inal d i r nin it c s c f t x b lity, htcsti s f Prapc s d Issu (II2S F r 5701-TE ) c r t ill r in.t ri l nati es or d i r in tic r s vith r sp t t ihe t x si tl s f th s Liriti s th IssLier 13} 'Te d r offers 14} nk-Liptcy, inscslv ncy, rec ver hrp o si il r prc e di 15) I rs r alid ic ns, 6c isiti r s, th sal c f a,ll ar sL bsia ti lly 11 caf th ss ts o` th ob(i at cl p rson c r illeir t rr i iion 16 App i t ` a su c ssc r c r dditi n l trust e r th l n csf th n n e c f a. t,cs e 17) 1 1c nc lianc v ith th 1 Lt1 d, Assist th Issu ii distrybutin c r ilin, ii th I sli r's na-r e, the b ve neiltioi d Ar u l pc t 1c t s nd a«dit d i x l r a c al st t in ts tc the iG i ip l cL r ti s ul.kii rd's (`°I S1Z °°} El ctrc t i unicip l I rk t flc ess (66E1l 1 I1"), pPrcapriat 5i t I f rc ati L)sitc t°y °@ I'°}, r ti g n i, d a her tiiies, as reqLzi d by th IssLi r°s c r tii Liii c scic sl`r c bli ti ns. o Pr v l t th I stt r c i ati n csf` distribLitic or diss r flnat on af pc es Zcl aiic, 3a Issu r ck vvl d;s d °s th fcsllc i e a Cc nti n I3is losure S rvic s v ill be t t l nsat d fc r th p rfc rin c c f s i s w th r sp t ass st the Issti r th pr p tr tic ri a d slib iss c of cc tinz ir g discl s re r pr rts in accc rdanc riill t11 s h dule s s t arth bel w; 3,500 p r ye ar, p r d bt type, sr assistanc in prep.ratit n .t d d strib tti i ` ac:h ranti l p rt i1d ssfsta l e iil disi btitia af L dit d a rrzi l finail i 1 stat erit, nd I Iai°ial Event l otic Filings; b, IssLie° vvill pr vide t `c nti luili is lc sti re S tvices, nd `r ti i n is lc sLire Se vi es shall b entitlec tc r ly pc n, all nf r atrori r gardin th issla n e of tl onds, l idi tl e final aifici l si t i r d th IssL r@ coi iti ent c r und t-i kii re arciin ar tin ri disclosur a c nt i ed in the r sc ltitita .uth°iz g issi an e c f ihe c ds or s p rate o t act r r n nt; r r tlal iin ial in%r aiion arld c p r tin cl t c f tlle typ pr vided ii1 th fin l c f c l st.t ri nt; ii forr l ti nc rning th t cc r i1c f` Ev t t c r or cca pli n with th L l a id ny oih r iizfc rm iic Z c ss ry t prep r c tin n discic sLire r p ris, Issuer w ll pr v d ic C ntinul g is l sur Servic s, ai ci Cc r ti iiin I)iscic st,ir S t-ices sh ll b elltitl d tt r y Lipot, n zi l vvriii r c nfi c n c f all utst izcli ag c nd iss es f r l ch t11 issu r l as . cor til ttiil dis l ure c blig.tic 1. d. Issu r will pr v de i Cc tinuin I iscic siir S rvic s 11 in c rcl l ti r qu r d f r pr p ratic n c ch lnnLi l 12 pc ri, lncludin ii nc[ i c r natic 1 r d c r ti; dat c th type p-o rici d iii tll fin l c ffi ial stai ent r d c th r infari tior d l d n c ssary by Isst, ca I t r th 45 d ys pricsr t ih dat or1 vhich h 4 r u l FZep rt is c. e, Iss.er dvill provid fii11 iid co npl t c i s f th dited n11ua1 irl al st tem i-t r€ l i r th r1 t n (10} days p ior to il dat c vvl ie it is due. f Issuer vill nt t c r tii ui z LiiscL sLir Servic s irnin di t ly Lipc rt th c Llrr n or iinnl diat ly Li c 1 tl IssLler's k c l c c f tl e cu°r 1 c f c11 Ev t tar rzo c nplr ll e vv th th RL Ie, a d th Iss.r rill i cllat ly provici 11 ir c r t n necessary f r pr par tic n th r tic of sc L c of h s cli v r t c r n c p i n vith th le. IssLi r sh ll have the sc l respr r sib lity fc r d t r i zi tlie dis lastir i b i de i a11 cas s. 'Th Issl r slz ll r vi v r d pravid approval of th t.c nt lit and c csf all cor ti zufli dis l s i- reparts iid nc ti s, witl th xc pti i c f ihe f ll r, hi h vill b il d aui ma i lly c ih Issu r`s b h lf, t l ss t11 Isst er h s r c ti ed C ntinliin I s l s a e S rvic s c th t-wis in vritin e b nd c:lls, defea.s nc s, a d r ti c:ha ges, In the v iit of d s° ei t betw th Isstier nd anti iL inb Iaiscl su° S rvi s r arcii the discicsstiir to b d, either tl Issu r c r `c r ti1`i L is losur 5 rvi es i y, bttt n ith r is c bligated t g t r i1 t his A r eln ni by vvriit i tic t t11e il r p rty. h. A s p rat A n l p rt w ll b pr p red and distr bczt d fo r ch type s L rity pl d ii e'f c:t c Gt t di ig in i i issGr s c r c lds c f th Issu r. i. lss i r will infc t°i Cc r i«ta n L)rscic Ltr S rvi s c f th r tir tn t c f l y c ds i 1c1L`d ci 4 nd r th s c p c f thi A r 1t uithir 30 clays a sL ch r tlr i ent, 4. Ir th v t tl1 t Cc i tin rflr I3i LosLir S r ic s r d th Issueg d i r n that dv c` c ui s 1 is pprc pria rith °sp t to a.y ql stic r c n rn d s lc s ir, tl r (i} ih IssL r ir a.y carlstilt vv{h ii c u sel, c r (ii tli Issl et° ia y a ith riz ilti t in I3 sclas ir Servi s t seek l al d rice `r ind p r d t Lt s l re rclii th dis lasiir, 1hc, I sL er ;r l t it shall b resp ilsibl for th f nd xp r s is r c.auns l, "'h Iss r re s tc r rnbLirs Cc ntia uir isc.lc sur t ri e th ees d xp s t i d p d t c Li ls l i pc id by oi ti tiira iscl sure S vice, `c r civi r d r d pl rs nt ic a.ithc riz ii r by th Is t er, 5. "I'h IssLc r a r s tc hcald h r l s Zd tc indei r ify Cc iitinL in lc sur S rvic s d ts rnpl y s, li t, c ffi rs, dir ctc s, r d ts fr i nd a i st ny nd 11 cla Y s, d es, ic s e, liabiliti s, r sc i ble c sts ar d xp ils wh tsc r r, incl di att r l rs` fe s nd exp ns s (66I,ss s ncl Exp i s s"} th t ZtinLi r; L3 s l s tr Servic;s y inc r by r so l c f c r ir1 cc ni e tic v th th dbs r bl tit n i i`° tic th d s l s r repc ts in c rd n witl this t r t, xc pt tc th exte t sLic;h L,c s s nd xp ns r sttlt dir ly °ro n n i1 i isclas r S rvic s' w llful n s 1ci t c r rc ss li h d s ribut c n c f°L ch ir fc r ti, f' f i( ,. I 6o T'h f` nd xp ns s d t "nt uin L)is lc s ir S rvic s prc v ci c YtinLiir iscl s ervic s hall b ic.rl ted in rd i1 ith Sec t c 3 af th s A re i ta rI'h f s v ll b a vr i ed h y r dl ryr ih i r'r c f th El reel et t, L nl ss t i at d arli r, Zd f s vvill b pay bl w thin 30 days c f r ipt f invc ic, xc pt that th f s f r h iir t y r' s rvic wi l b ir vt i d Zci be pay bl u}cs I ddit c n, th IssLi a r s tcs i b°s C r tinLiir I isci s ir Se vic s fc r tl c llc wi xpe s s: (i} i ga1 f s nd exp s s cc ui s 1 it arr d by `c ntinuin IJi cic sur S-vie.s p ir u t tca 'th ter s f S c°tic n 4 bov, d (f c ill r c ut-c f pc k t p s r sc bly i tirr d by C"c r t{r uir L)iscl s r S t-v s : p 1-fo 1 ts bli tic ns h r Li d r, "l'h Is u r sh,ll t pay t i f r xp s s t Cc iii u 1Y L)is lcas ir S r ic;s wi hi t 30 days s f e ipt c i tzvc ice, ir lLl l ddrt c r l L r i p l bc rtds d fill nc:1 s (t cl fldir i t i ci l a,s c blfl tic) iss d duri ih stat i rrn f this A,yre i en f sL ch bc ds r r sLibje t ta th c tinLzi; dis lc s<ire r c ulre iatso In his a 1n,tit t, the Is i r gre s ih t th su r vvill r tify t tiri in is l s tre S rvi s f a y nut icipa[ boaltis r d in nci g (ira c u rt ir l a bl g tic ns ssu d 1 y h ls i ci i.r 1 ny fisc l y ar c f th Iss i r dLirin ih terr l c f° t11is .4 r 1r t, d vill prc vicic. Cantiiiuiil L iscl s e S rvices wlth slich i`a natic slcall b 1ec.ss try f t fld r i`or antilz ifl L c l ut° S rvi es tt> p c rc th rv L cc 1 r t d `c r her r d r, o i'ct3, t a l` ,,s°ri: This lg e rct sh ll b o f#°c ive s c f th d t csf a;ept nc by ih Issu r s s t aut l l w d t a in ir 'f ther i r f r p riad cai` 'iv (5} y ars fica th date c f ,c c nc, Tlcis r rr er t r y b t ri inats d ith c r rflthc tt c.s by the ssu r c r c aatir n 7isc l sLi S rvic s pc ra thi ty (3Q) d ys° writtet nc tic it th c th r p t y, r th v ni a sL ch t r i in ti r it is L ald rstt c d nci re d th t t nly th a nc Grits d.a tc 'anti l a i II1i lc sur S rvi s °c r s vlc s p c v d d rtd x eils ir tr d t ricl ir c:l dii1 il d te f t-rr t c r ll b du r d pay bl, I I p r alty vill b ss ss d t r t rin tic i csf this A r m t. h v r t h s A r t gs t r ir t c pri r tc its st ec t t i, 11 r c c rds pt•c id d tc i t ifi is lc s re Sefl vi s by lle Isslier sl all b r trar l d t ih Issu r a sc t n as pra ti abl. Ii ddiiic a, h p r i s h r ia r il at ti a 1 t ii ti ii f tt is A r re i c ntinL I s c si r S•vi s sl all ha.r nc c r tin aii obli;tit tc tl- IssLa r re rclfl aily s rvic: co t lr p at;d l:r;, IV i rith tarcd r tl fc re c it, 11 ir d rn li i ii rr, l c ld r less i cilcar cc ltt-ib ztic ri c blig gi LirsLi r t t 5 ctic r 5 caf ihi A r etri ct, shall sl rviv .r y t t nir atit, r ardl ss t f vh h r t11 r r in flc cc r as a r sult of tl xpir tgc r c i h ter h e csf car th °ee ct is t r i i T ci s c n r by eith th IssLae ar c tltintia is lc s ire S r ric s i 1d r this S s ticsr , pur«ar t tc S bs ctr 3,, t r c th rwis o c v si c f tyc s City c i L}r tc r, T xas 215 E st 1l I ir r y I)11tca 1, TX 76201 Cl l Spr i er, Chi f Fira ci l fi r hon o (40j 349-224 F aao 940} 349 720b aila t11.:ii;rE°i e,,f l tE,tu ait: FS Car t t tiiing 3 s lc s r rv c, 7 visic r c i fl lltc p S ctir s n, L2U1 E Str, .11t 3500 3, T;x s i5270 Atte tic r: °r ya Calvit I ir c tar r r C`a it r .is lc s r Phone: (214) 953-4037 Fax: (214) 953-4050 Email: tanya.calvit@hilltopsecurities.com r 9. This Agreement is submitted in duplicate originals. Wheu accepted by the Issuer, it will constitute the entire Agreeinent between the Issuer and Continuing Disclosure Services for the purposes and the consideration specified above. Acceatance will bertindicated on all co °,_ and retuined to Continuina Disclosure 1 c-t il] 'a`tt r r 1,. Respectfully submitted, FSC Continuing Disclosure Services, a Division of Hilltop Securities Inc. w ryd r ,a By , .M....m. " e _ Hill A. Feinberg, Chairman anc By° ° Tanya C lvit, Director ACCEPTANCE CLAUSE 1 a v; xi ci Fc-c ta i i 1-c t y in f ll til it; c:.i€c xii ci r•;cl t:l {'aty l' s cai, l"a zt i i i 17 e..._... t1 y a` : i? . By w ,°. ...... .'. Howard Martin Title: Citv Mana er Page 26 1 :. t is Li 1d r tc c d ai cl a°e d t th Iss r r, 1 cc nect on with the sal nd d livery c` ria n bonds, rzoi s, t i t s, or il r i-exe i c bli atit ns (ihe " bCi r rzs"), vvill hav tl e r eci i d t rini z tc vh at xt t, f ai y, i will b r q ired to r b t c tai i v stineni rr irlgs tlle i c Li f st ch rebate b ii eef rr d ta hereir s th "lrbzt°a lrr rzi') frc tn tlz prc c ds c i the C)bli atio s t t a L1n t d St i s f` Ainerica p brsu i t tc th p v sia s f S ctia 14(f)(2 of the Int rn l Rever Li Cad of 19 6, s anlel d d (tl "C)ri'). F r pL rp s s of ih s A r i r t, fhe t t° '°Arbit e Ainc t 1t°' ii lL,des p y ts nad ui d r th lectic, ta a y p nalty i ii u f r b t c r a quali i d ons uction issu ullder Se iia 14 i i) fth C d, l. This A re i sli ll pply tcr all issli s f t x ex inpi C?bli at n deliv r d subseq.«t tc th ef`ctiv d t f th r b te r qu rem ts inder the "crd, xc pi i`or i) iss s whi h qu liiy fr r xc pti s to th r bat reqttire nei is iii ac ordailc ith Sec:ti n (4 of h de a 1d relat c Tr s<iry r;ilat c s, or (ii} is u s x lud d by the Isslt r in riting i a L rdailce vvitl th firr h r provisic s her, (iii} rt v ss es fi'cted i a f shioi vvh r by First Sc utlZwest is uilawar c f tl e xisi c t f su h s l, (v} ssues ir which, f r r as c«tside ih c c ntr l of First Sc uth ve t, First So xthw st s ui ble t prc ur th c ss try infc r ai n req ir c i p rfc s ich s rvi s. 2. W re tc provid c ir prc f ssi r al servic s n det iilin ih Arbit° Ainc Ltn with r g rd tc h bli ii s. Tl IssL er will as ui e and pay th f ot First Sc L thw st as sLich f e is s t L t ir A w.i l A t ach d heretc. F'irst Sc t thw st hali r c t b resp r sibl far y tra rdi ary p ns s rc llrr d c n bellalf of Issu r in t r ct a witll providi su h pr f sslo 1 s rvi s, i cludi any c;sts {ncid nt ta litigati n, l ar ci us ctic i, test c s c r s ther si il r 1 g 1 acii ns. 3. I r t p rf r th f ll vit duti s n cc i cti 1 w th prc id iz arbitr e r b te c inplia zce s rvi s: a. T p rat fL lly rith th Issu r i r vi wiiig th s hed le f i lvesi ts mad by the IssL r vv tl (i) pr c ds fr n th C)bli aiic ns, c d (ii} prc ds of ath° fu lcls f ihe Issu r which, d r Tr sury ul tic ns Sectic n ,14 oe a 1y succ ssor re ul tioiZs Pri e 27 th r°etc, are subj ct tc tl °eb i r quire r etlts c f th C d b, `"c p rfori, c r car.s tr be perf-d, ts tsist ni ru tl th Cc cfe nd th r`l tic s p c r lcl at d th rel r d i, c;lcr.l tic tl ics d t nin th Arb ra A c uiZt und r S ctic 14 i)(2} c f ille C'de; ai cl c. T'o l r vide r pc t tc th Issu r sp cifyii th Arbiir e 1 t lc tirat b set tipc n the investi-r e t sch dLil, he al lilatic s c bcsr d yi ld a c Zv st e t yi 1d, nd c ther inf t n tic i de l d relev nt by Pirst Sc th st, In u d t lcir tt prc vide th s ivic s s.i t rth r par raph 2 d this par r ph 3, F rst Sc utl west do s c assti e any r spc sibilit f r ty r c rd ete ti n req i°m t ts vvhi l 1 I sL r y h t tiir d th C;d c e i 1er pplic ble lavvs, it b in i d rstt ad th t he Issu sh ll relnai r sp lsgble for csrnpliailce with a y sLi h r cc rcl ret iltit rl req ire n r ts. Co ii t t e s ° 4. Ir ca l ctat r v t11 th perfc a ce th t r said cilit s, th Issu r rees to th i`c llc win: a, rI'h f s d i First Sc utl w st ii prc vidi arbitr e r b t c r pli nc se°vi s s1 a11 be calctrlat d r ccc rd vvith A p di t ch d h r tc, 7'1 fe s rill be pay ble t s i d Liv y c f th °pc rt epa ed by First S uih v st fc r c;l issu c` C?bl ti il dLrii l th n fthi A r nt. b, T'he CssLi vill provide F'irst S Li l v st al( inf r tic i °g dii g tll issuai c f ih C)blie tic r s fl cl the ir v strne lt ` th prt ce c s tl re ra, nd at y t th r ilz cs tic n ss ry ii cc c;ti n vvitl7 c l`l.t th Arbiir e Arnaunt, Fir t S ithw st w 11 r ly c n the i fo t n s ip lied by 1 Iss r v th u ii q iry, ii b ir L i derstcstsd th t `i s ScrL th st `u il ot cc r du t icii c r i k y th r steps tc -ify il cc-acy r r aLitll r ticity f` th infc rrri tic n p-c vicl ci by th Isstier, c. 'Tl Issu r vv ll nat fy First S Lithwest i vvrit c f til ret r t, I ric r to th sch dLil d atLirity, t f aiiy C7bl atic s in l.d d ur cl r th scc p c f this A r e t vv tl i 30 days cs suclY r tir n rlt. Tl is n tific ti ii is q.tir d tcs pr vide s iftiei nt tiine to c ply vith ir sLiry F e til i s ti 1 e 14 3) vhich r qLi r s .fi1a p y i1t c f ny P rbitr ge Ai c ur t uithi l 60 d ys c th fin l r iir rne lt caf ih t bli;t c 1s, In th v t th Issu f`ibls tc Zc tify First ScrL thw st a tiiYt ly n r s prav d d h r lil b v, Pirst Soutl rest s11 11 h v c fii-tl et° c bli at r r r sp ns bility ta provide any se i s u d r tl is A r r t witl r sp t tc u 11 r tir d C7bli atic ilsm o Itz p•c vic in th s r es s t c h 11 this P-e r t, ii is e d that Fi st Sc Liihw t sh ll t i Ycur y l ability for any r°or f jud nt n de in c d faith by a r spc rzs bl c f ic c r of icer th r c and, x pt tcs il e lii ited xt lt s t orth in tY i p.r.°aph, 11 11 11c t ii ir y liability csr ny c tl° trc rs c r ornissit ls, i less it sh.11 b prc ved tl at sL ch rrc r c r ca l issic r s a result sf the rc s e l elice r will%rl iscai dtxct c° sa.id oi i er e ff rs, In tl e v i t pay t zs a s ss d by fh [nt al F v izu vic. dli to n e-ra by F'irsi S uth r si, ihe Issu r vill be re poi sibl fc r p y i ih cc r ct Arbitr Air c`nt a 1d First Sc L th r st°s li bility h ll cs c d th a1 a c aigy p Ity ar ii t r st i posed tz h Arbitra Ai c unt as resL lt s f`sl h rrrsr. li t c s Iss N sc t t i mtf l 'cjr tr t G. Th s rvi e ot t-act c ft t t c d r tilis re r er t dvitl L tc i tically ;xte ld tc any adc tit r a( C bll ati rl (ir tdi ir r c n l cts bli t c s L d durgr; th t c-n c f this A re i nt, ifsL c;h t lf ai c t s r st bj t ta the r b te r qLairet rzts a l Se tic 14(}(2} c f th C de, t cc iln ti wit 1 h is ti l ce c' ddii t n l C}61i tic s iY Iss er t°s tc h i°c llowi: 1h tssu rill c tify r use th t fic tic n, i wrgtir, tc Fi st St Ltth s f any t- c inpi .fi i r ng (udi .ir a ca l as abli.i ns ss z d by th Iss eB clurir g ny l i dar y ar th s .re mec t, nci will prc vic 'si c L th t with s ch ir ft rinatit r rciir s a:h bl'r ti s s C`irst 5c azih`u st y r qu t i a cc c tic r fltl its p rft r c i` th rbitr g b t s rvic s c ntra t ci fc r h r tind r. lf such r c tic;e is r t prcavid ci tr Fir i Lith v st uith r rd to p trtic lar is i, First t thw st sh ll hav r c t bli tic rc ta arc vide t y i-vic s h re aild r vith r spe,ct tc h is t e b. a4t th csptat r c` t11e s r, ny tdd tic nal C bl t c s tc b i su d bs qaz t t th x c L tic c' tl A°e r t nL y b x lud cl f°o the s rvic.es prc vid d fc r h r ira. r t rci tc exGl ide. n iss.`e, the sta r st n tyfy First `uill v st irr rrit c f tl ir in r t ta x laid 11y sp fic bl g t i s frc in ih c ap t tl is A r ei n, whi l excl lsic n sha l b p rc-a c fc r tl f l llf c f th C bli atrc l a td a°ter r ipt c f sax h r c ti, Pirst S auth rest sl ll il v 11c abli atic n to prc vid ny s rvic s Lrr cier this A re t w th °esp ct tc u h xclucled C blt tic t s. f t i f a 1'r ' I; m.a c` `ch d: 7. The s r rices ontrac.t d fc r ur d r hi t r i t vill a tat tic:lly xtc;r ci t r y additi l fii r ci11; c b f ticsl s issu d d r th st t d terrn t` ilz s A° 1 t, i° i7 l ctior vv t d pr r t d liv ry c t th C bl iic} to p y p rfl lty i 1 l ir t f r bat for a q li i d aristi-u ti n b sncl i sL e ttd r iorl 14 ij(2} f° th '1, ia ar ilec i i7 with t lldril; th c p c f his A reel a clt tc l.id cc rrap tati rbs c f p r liy, th Iss r s t th fc lic vin: a. 'The Isslr r vdi 1 csii y First S L tY v t af ai y iii an i 1 c bl`a c ic r s iss s c by the ssL ei durin afl y al nd ar y a° c i` iliis Ag,r n nt f t° whi h p lt l c an r s r cl. `'h ss er will prc vici First t LGthw i vi h s i h {r fc iia rc.rciiil tl nvest n t r1d xp r dit re. ` su l abli a ic r s s irst SaLithwc,st d nec.ss y i cc n tgt n ri h it p rfc-c ra c:e f tl pe alty ;lc:ul tl s rv s c;c ntra t d (>r rea.flr d°o be Ai th c p ioa c f ti ssa r, ca y dditic n l `ir n irx c bli aiic i s issu ci saabs qu nt tc h Ldtiar c` thi A re fln i rc y b xc:la.ld d irc t rvic 5 prov d d f r h r ir, '`h s r g st c i y First Sc L thwesi in ritir oi Its ii t rat tt cl.d r s c;if`°1 #i a c c blflga4fl n5 fr i ih s c p c° h s A e i. fe i t f e t T`his P,e n r i sl ll b s cne f ti r t tla dat pt by ti1 Iss r s s i csut h re 11 b 1c vr r d r t in {fl ff ct ih e ft r fc r p ric d t f fi r (5) y rs frc r h clat t f ac;c pt r ce, prc vid d, hc r r r, that th s A re nt a.y b t rn n ted t c r `uith ut by th IssLi r c r '{r t Sa ath r st t.cpc thi ty (0} d6ly pri r tt g i c ti tc tl th r party. ln th ve zt c i° sLich t r ni lat{, it is d-stc c d aiid °e d that c r ly th c u ts ciLie ic F rst Sc thw si %r servic s prc v d d nd xtr e rdir ary xp n es incL°d t cl 1 1L dir th dat c f t rr ii t°r vil1 b dt e a d pay bl. I tc p i lty 11 b ss ss d f r t ni tian c f this F r ine t. In ih ve this A r nt is t i at d piic° ta th r lgl tic af it st t d t 9 11 r cr rds prt v d ci t F rst S utl vv st v th r p ct tcr th inv st n t i of` c i s by t I sL r sh ll b r t.ir d ta th Issli r s sc c s pr cticabl fc llc wing writt r t•q st by iss cer. Ii aciditi n, th pai i s h r t r that, pc t z inati €f° this A r r t, F rst Sc Lith r st sh il h n c inu g b1i tioil t il Iss r r g din ny bit °bat °l t d s r ic s c t pl t d h r in, r dle s c f wl th r su h s rvi s hav pre.vit ly b er L d l«, cai pl t d or rf r d. a t;e of ° 90 This 1.r r t is slib iti d ii duplic t csrig{n ls. Wh 1 c pt cl by tl s u° in rd c rith 11e t t s 1-c f, it, t i er witl App i dix A att hed h ta, ril1 co siit t th t1 i° t-e1 b tw th Is er ancl 'i st S ztl vv st sr th purpcs nd th c.nsid ratic n h r ii sp c.ifi d. Ir ard r fa this A ent tc b c tn ff tiv, it s b c i ci by the IssL r ithin ixty (60) d ys c f th d t ar 1 b lc w tl e s Z tu c f Fi st Sc uthw t s u llc riz d r pres r t ti e, h r a. Af`t r tl xpirat cs c f s ich 60-day p t d, e pt by th Isst r sh ll ly b cc n e`f tiv L p n ci liv y v rt°tt a kn rl cig i nt d 'ir tica by 'irst Sc ith r st tl t th t s a ci t ditit ns s t %r h i ns ni y ai cc pt bl t Flrsi Ss Li hw t. c verr in Lav 10. Tl is A re rn nt vvill b g v rn d by Zc consi d rc,c rd n e v th th la s t f th St te of xas, «rithc l t re ard tc its principles c`c nfli is csf l rsm til..i l x.:."o4`3i e`tll,'l;k„4.L [S61C'ti o. +'1-.' fl.1..,'I"4°Li:il jiJlleO CeCUteC1 t„t}`B ? lt' 'wdllli li't.;;^.l. Respectfiilly submitted, FIRST SOUTHWEST ASSET MANAGEMENT, LLC m By: _ ` a. i11 A. 'einberg, Chairman t-: O Date: The above and forego'x is l c-l y i 1 I il7i; i t c and appraved by the City of Dentan, Texas on this the e iy c I' _ _.` 1. BY _..... __... m Haward Martin Z'ltle: :liy Mari1 Dilte , .... '`" „ " ....... m Page 31 Th C}bli tia s tca b cov red initi lly u d r ihis ontr t i cl`d 11 isst s c` i x x pt c bli tic r deliv r d sLibs q t to th etfectiv cl s c f°t11 r bat r quire ents, t d r t11e c d g cept s s t fc rth in S ctic n I c f th t r i ta Th f for y CJbli atic ns ir d r th s i tr c sh ll ly b p y bl if ca nput tic i s r q ir cl und r S ciic rl 14(} 2j c f h c deo Ir th v r t th at ny c' tl e C bli ticr-s f ll w th n l sic n ta the o np it i req ir t s d f11.d by S tica l 14 ` tiz c de or r tat d re Lilatic s a d c lclal ti s uv r r quir d by Firsi Sc uth r st t ak th t d t i tia1, c fe vill b char ed f r sl ch issue, c r xa ple, c.rt i r bli tic i s r c;l d d f`ror tl r b c mp t tia r qt ir n t i th prc e cls r sp t r thin sp c i t p r ds, I th v t a p rii lar iss a ` Obl c tians iulfills th xclL,sic reqLagr fl ts c# the cade c r r at d r gul ti s, ih sp ifi ci f e t ill b iv ci by Fi st c.ith st gf nc c lca lati s v r r qLcir c ts nake ihe det r ir tia, First a ithw st°s f° rbi ra, r bat r r c.s i b ec tap t fiaced a n l fe p r i sL. Th ar n l f i ch rgecl b s d L pc th a. ber c years ti1 t prc c ds xist sub t c r bat fic th d tiv ry cl af`th issl t th a np tatic il c t. Fi s S uth si° i`s r p yabl upc ci L very e f he r pc t. Th ars r pt rt r ll b r aci lic vain csn y° fica tl e d t caf d liv y c f th Cibli ai c ns arlcl c r ch c put iior d t ther ft- d.arin th i f th r y t. The fe s °r colnpa t tiar s c f il bitr A c u t rhich c pas c r, c r I s, than ca e Cc n putatir n 4'ear sha l b p c r t d tc r l t th lc r, c r sha fer, p ri c f c rk p rft d duri th i p ic d. The fe fc r h f th bli t catis i l ded n this cc ra t shall be b,s d c r he t bl b c v, ANNUA F° 1 1 SIi/ r4IX 7 r C'i.° ,CJ .Ia4r';'` °T'..,".S.#l t".L%.`; Commingled Funds Analysis & Calculations Spending Exception Analysis & Calculations Yield Restriction Analysis & Calculations for yield restricted Project Funds, Reserve Funds, Escrow Funds, etc.) Parity Reserve Fund Allocations Transferred Proceeds Calculations Universal Cap Calculations Debt Service Fund Calculations (including earnings test when required) Preparation of all Required IRS Paperwork for Making a Rebate Payment / Yield Reduction Payment Retention of Records Provided for Arbitrage Computations IRS Audit Assistance Delivery of Rebate Calculations Each Year That Meets the Timing Requirements of the Audit Schedule On-Site Meetings, as Appropriate, to Discuss Calculation Results / Subsequent Planning Items 7"; 'a ' :'x i..<..`,s I S efun quest — Update calculation, prepare refund request in resnondine to subsequent IRS Information Requests and assist issuer as necessary I 1 ' 1' E] a. Computation Year: A"Computation Year" represents a one year period from the delivery date of the issue to the date that is one calendar year after the delivery date, and each subsequent one-year period thereafter. Therefore, if a calculation is required that covers more than one computation year," the annual fee is multiplied by the number af computation years contained in the calculation being performed. If a calculation inclucies a portion of a computation year, i.e., if the calculation inchides l%z computation years, then the base fee will be multiplied by 1.5. b. Electronic Data Submission: The data should be provided electronically in M5 Excel or ASCII text file (comma delimited text preferred) with the date, description, dollar amount, and an activity code (if not in debit and credit format) on the same line in the file. c. Variable/Floating Rate Bond Issues: 5pecial services are also required to perfoml the arbitrage rebate c lculations for variable rate bonds. A bond is a variable rate bond if the interest rate paid on the bond is dependent upon an index which is subject to changes subsequent to the issu nce of the bonds. The computational requirements of variable rate issue are more complex than those of a fixed rate issue and, accordingly, require significantly more time to calculate. The additional coinplexity is primarily related to the computation of the bond yield, which must be calculated on a`bond year" basis. Additionally, the regtilations provide certain flexibility ira coinputing the bond yield and determining the arbitrage amount over the first IRS reporting period; consequently, increased caleulations are req ired to determine which bond yield calculation produces the lowest arbitrage amount. d. Commin led Fund Allocations: By definition, 1 commingled fiind is one th t contains Page 33 a e. t Servic ser e F r s; "I'he titharizing dac In nts for aiiy rev nl« bc rrd isscies equir th t sep t t fur d b establish cl th p'Fg s r Fur d"} it to wh ch ithet bc flid p c ds ar r venl s r cteposit d in a c ur t qLial tc sai d sig t cl ev l, such as av r e atzr Lia ct bt s rv ce c n 11 parity bo ds. Tl is serv F ir d is si blished f the ben tit af th bc dhc ld rs .s addition I secLir ty r pay lii c r ihe d bt. Ir ost ses, th bala e in the F s°ve Fti 1d r zit s tab1 hr t hotgi th life f tli bond issLi. R s rve Flinds, rh th r fi i d vith bc d proc ds ar rev t ties, tn ast b inclLtc d ii 11 reb te calcLil tioi sa e i Se°fc ' al latio s: Issu rs r reqliir d under t e r al ions ta an ly e th inves d b lances in ih ir d bt service fiti ds at nt lly tt d t r nin wl the ih fi.nd d pl t s as req fl r d durin the y a$• and is, therefor, `@bor a °id`° (i.., pc tenii liy exe pt fro r bate irz th t ye r). It is ot Lt o i aoil fc r stirplus balanc s io d v l p in th d bt s rvic #i.r1d th t s rv ces r issuer"s t a: s ppor ed d bi, p rtic li rly dlie tc iii ir di f renc s a rh ii the fui ds r- dL tca b c l t d v rs s wh th fi.i ds vv r ctu lly call t d. F rst S uthw st pe-fo s this c rnlal nalysfls c f th d bi ervi fitlzd flzd, sl a fll it b det r i d th t st rp Lis b l ilc xists ifll the fi,iid dtirfln a iv n year llt c t s tl e su plt s b l c r c g th v r o s ss tes s rviced by th .ind in ann r that is ccepiabl Lind° IR S r vi w. ga ar i s 'T st f e t S rvice s; 'ert i$ typ c f bond gssLfles r q ir n ddit or l l v l of r lys s fc r th deb s rvic fu id, ev iz if the L nc d pl t s as reqLiir d ar d r th ar ci is "bt tza ide.'@ Ft r short-t r ,ix d r i issu s, privat ct vity issu s, aiZd v riable r t issues, th r Ltl tia s r quire t11at r "ea ings test'° be p rfar ed c baiz fic cl bt s rvice L nd ta d t i if` th iilt rest e rniil s r ched 100,000 d i fl t ye ra In as s wh re th arnir gs reach or xc d th 100,Q00 ihresholcl, 11 trr fi.r d (i1 t jlflst th slflrpl is or r sfldLtal pc it or} is slibj ci to rebate. h. sf°r ro ee s C'ic latf s: V/h n a bo d isstie is ref tlar d (reftanded} by ar other iss e, sp g l servi s re ating to "°trag sf r ed p°oc ds'" c lcul tions i y r e l t be p rfor ci. L1t e t r gtrl i ns, h n pre eds ` r fit dir issu r Lcsed i r iir prir ip l of a pri r issl, g ro-r t p rt c n f th ti p nt pro e ds c° h ric r issue h oin s st bje t to r b t a id r yield r stri ion s tr r sf rred p ac eds f th refuildi isst«. The r fu ciin ssu essenti l y °°d pis'@ ihe uilsp nt proc ds €f th prior iss fc r p irp s s of th arbitr alc l ti s. 'I"l s lc tians r r quired Linder t%e r ul tior s ta ns r lz t issu s c t tinue tc erc se u dilfl c to ccstnp ete the proj ct(s) f° vhich he prior b ds ere issued. a LJ i ersal e C t nt r il hi r s pr v d tl c v r ll 1 1it tic n the nal nt f` rt ss pr ce d allc abl t 1n issu, Sii ply st t d, th val e c f ii v st a 1ts all a teci tc r isstie c rlc i e ceeci th v lli ai 11 tstandin b snd caf th ssLz, F r e arnpl, this sit at t t c Lir f an issuer enc ur ters si tlific nt r structican d l ys r nt rs i tc l ti aticsn with tr tar. I nay t k i7ths c r ev i y rs tc resc lv the p blet s nd b ii sr r s` sp lci th b d pra ds how v r, du n th tirn th d bt s rvi pay n nts r stili b n p icl, incl.adiil 1zy sched l d p in ip l p e tse `ThLts, t's pc ssibl for the v lu i th i v si 1ts ptirch s d with bs cl prc c ds c x d th v lu c 11e b ds a rtstandin a Ir such s s, @°d-llc tic nP' c' pr c ds in y be r quir d tc ply uiih th lig tit tic n rul s c i lin cl in ihe re lil ic t s, r . , ,, 1L 1\ ' • 1 , ! ' 1 ! '' This disclosure statement ("Canflict Disclosures") is provided by FirstSouthwest, a Division of Hilltop Securities Inc. ("the Firm"} to you (the "Client") in connectian with our current municipal advisory agreement, ("the Agreement"). These Conflict Disclosures provide information regarding conflicts of interest and legal or disciplinary events of the Firm that are required to be disclosed to the Client pursuant to MS Rule G-42(b) and (c)(ii). PART A— Disclosures nf C'.ntlicts f interest MS Rule G-42 requires that municipal advisors provide to their clients disclosures relating to any actual or potential material conflicts of interest, including certain categories of potential conflicts of interest identified in Rule G-42, if applicable. aterial Con icts of Interest — The Firm makes the disclosures set forth below with respect to material conflicts af interest in connectian with the Scope of Services under the Agreement with the Firm, together with explanations of how the Firm addresses or intends to manage or mitigate each conflict. General itigatrons — As general mitigations of the Firm's conflicts, with respect ta all of the conflicts disclosed below, the Firm mitigates such conflicts thraugh its adherence to its fiduciary duty to Client, which includes a duty of loyalty to Client in performing all municipal advisary activities for Client. This duty of loyalty obligates the Firm to deal honestly and with the utmost good faith with Client and to act in Client's best interests withaut regard to the Firm's financial or other interests. In addition, because the Firm is a braker-dealer with signiiicant capital due to the nature of its overall business, the success and profitability of the Firm is not dependent on maximizing shart-term revenue generated from individualized recommendatians to its clients but instead is dependent on lang-term profitably built on a faundation of integrity, quality of service and strict adherence to its fiduciary duty. Furthermore, the Firm's municipal advisory supervisory structure, leveraging our long-standing and comprehensive broker-dealer supervisory processes and practices, provides strong safeguards against individual representatives of the Firm potentially departing from their regulatory duties due to personal interests. The disclosures below describe, as applicable, any additional mitigations that may be relevant with respect to any specific conflict disclosed below. I. ti1i(ia i;e 'o rilict. The Firm, directly and through affiliated companies, provides or may provide services/advice/products to or on behalf af clients that are related to the Firm's advisary activities within the Scape of Services outlined in the Agreement. First Southwest Asset Management (FSAM), a SEC-registered affiliate of the Firm, provides post issuance services including arbitrage rebate and treasury management. The Firm's arbitrage team veriiies rebate and yield restrictions on the investments of bond proceeds on behalf of clients in order to meet IRS restrictions. The treasury management division performs portfolio management/advisor services on behalf of public sector clients. The Firm, through affiliate First Southwest Advisory, provides a multi-emplayer trust tailor-made for public entities which allows them to prefund Other Post- Employment Beneiit liabilities. The Firm has a structured products desk that provides advice to help clients mitigate risk though investment management, debt management and cornmodity price risk management products. These products consist of but are not limited to swaps (interest rate, currency, commodity), options, repos, escrow structuring and other securities. Continuing Page 36 Disclasure services provided by the Firm work with issuers ta assist them in meeting disclosure requirements set forth in SEC rule 15c2-12. Services include but are not limited to ongoing maintenance of issuer compliance, automatic tracking of issuer's annual iilings and public notification af material events. The Firm adrrunisters two government investment pools for Texas governments; the Short-Term Asset Reserve Fund (TexSTAR} and the Local Governxnent Investment Coaperative (LOGIC). These programs affer Texas government entities investment options for their cash management pragrams based on the entities specific needs. The Firm and the aforementioned affiliate's business with a client could create an incentive for the Firm to recommend to a client a course of action designed to increase the level of a client's business activities with the afiiliates or to recornmend against a course of action that would reduce or eliminate a client's business activities with the affiliates. Furthermore, this patential conflict is mitigated by the fact that the Firm and afiiliates are subj ect to their own comprehensive regulatary regime as a member of multiple self-regulatary organizations in which compliance is verified by not anly internal tests but annual external examinatians. II. t cr 1 1un€ci l Ir°r r • i1 ac-ntrifii C el tior a ai . The Firm serves a wide variety of ather clients that may from time to time have interests that could have a direct or indirect impact an the interests of Client. For example, the Firm serves as municipal advisor to other municipal advisary clients and, in such cases, owes a regulatory duty to such ather clients just as it does to Client. These other clients may, from time to time and depending on the specific circumstances, have competing interests, such as accessing the new issue market with the most advantageaus timing and with limited campetition at the time of the offering. In acting in the interests of its various clients, the Firm cauld potentially face a conflict of interest arising from these competing client interests. In other cases, as a broker-dealer that engages in underwritings of new issuances of municipal securities by other municipal entities, the interests of the Firrn to achieve a successful and prafitable underwriting for its municipal entity underwriting clients could potentially constitute a conflict of interest if, as in the example above, the municipal entities that the Firm serves as underwriter or municipal advisor have campeting interests in seeking to access the new issue market with the mast advantageous timing and with limited campetition at the time of the affering. None of these other engagements or relationships would impair the Firm's ability to fulfill its regulatary duties to Client. III. :.:nci rxv l r•l et °'ra,ctit n in Cl e l's S u~iti. The Firm, in connection with its sales and trading activities, may take a principal position in securities, including securities of Client, and therefore the Firm could have interests in canflict with thase of Client with respect to the value of Client's securities while held in inventory and the levels of mark-up or mark-down that may be available in connection with purchases and sales thereof. In particular, the Firm or its afiiliates rnay submit orders for and acquire Client's securities issued in an Issue under the Agreement from members of the underwriting syndicate, either for its own account or for the accounts of its customers. This activity may result in a conflict of interest with Client in that it could create the incentive for the Firm to make recommendatians to Client that could result in more advantageous pricing of Client's bond in the marketplace. Any such conflict is mitigated by means of such activities being engaged in on customary terms through units af the Firm that operate independently from the Firm's municipal advisory business, thereby reducing the likelihood that such investment activities would have an impact on the services provided by the Firm to Client under this Agreement. IV. roker- ealer and Invest ent A visor I3xx:e:. The Firm is dually registered as a broker-dealer and an investment advisor that engages in a broad range of securities-related activities to service its clients, in addition to serving as a municipal advisor or underwriter. Such Page 37 securities-related activities, which may include but are not limited to the buying and selling of new issue and outstanding securities and investment advice in connection with such securities, including securities of Client, may be undertaken on behalf of, or as counterparty to, Client, personnel of Client, and current or potential investors in the securities of Client. These other clients may, fram time to time and depending on the specific circumstances, have interests in conflict with those of Client, such as when their buying or selling of Client's securities may have an adverse effect on the market for Client's securities, and the interests of such other clients could create the incentive for the Firrn ta make recommendations to Client that could result in mare advantageous pricing far the other clients. Furthermore, any potential conflict arising from the firm effecting or otherwise assisting such other clients in connection with such transactions is mitigated by means of such activities being engaged in an customary terms through units of the Firm that operate independently from the Firm's municipal advisory business, thereby reducing the likelihood that the interests of such other clients wauld have an impact on the services provided by the Firm to Client. V. C"rn en tit t-s c fli#. Fees that are based on the size of the issue are contingent upon the delivery of the Issue. ile this farm of compensation is customary in the municipal securities market, this may present a conflict because it could create an incentive for the Firm to reco end unnecessary financings or iinancings that are disadvantageous to Client, or to advise Client to increase the size of the issue. This conflict of interest is mitigated by the general mitigations described above. Fees based on a fixed amaunt are usually based upon an analysis by Client and the Firm of, among other things, the expected duration and camplexity of the transaction and the Scape of Services to be performed by the Firm. This form of compensation presents a potential canflict of interest because, if the transaction requires more work than originally contemplated, the Firm may suffer a loss. Thus, the Firm may recommend less time-consuming alternatives, or fail to do a thorough analysis of alternatives. T is conflict of interest is mitigated by the general mitigations described above. Hourly fees are calculated with, the aggregate amount equaling the number of haurs worked by Firm personnel times an agreed-upon haurly billing rate. This form of compensation presents a potential conflict of interest if Client and the Firm do not agree on a reasonable maximum amount at the outset of the engagement, because the Firm does not have a financial incentive to recommend alternatives that would result in fewer hours worked. This conflict af interest is mitigated by the general mitigations described above. x`I` i)i;cl+;ur• 1" Intt-r j rl+ra e r it 1 +verrt itl l isei al na•v is o rcti MS Rule G-42 requires that municipal advisors provide to their clients certain disclosures of legal or disciplinary events material to its client's evaluation af the municipal advisor or the integrity of the municipal advisor's management or advisory persannel. Accardingly, the Firm sets out below required disclosures and related information in connectian with such disclosures. I. ['l t e•i l ,,1 n- )isei in ry Ev a t. The Firm discloses the following 1ega1 ar disciplinary events that may be material to Client's evaluation of the Firm or the integrity of the Firm's management or advisary personnel: For related disciplinary actions please refer to the Firrn's s fl=('E s.l,, webpage. r ' '. • • : • * .,, • ..'. - - y • ', ':#'' .' f'.. r ' . .:'i • :. ' • •.. i. i: I - .. . * • ' ' - - . . ' . - - . . • • : '. w • - + - • '1111, .. - 111111 1 1. . .. M 1 ....1 .:, - •;: . r .I • - . • . - - .'. • '. _.- _ . -_ .. . , t. - • .. _ . ,;:. - L:' • , f.'. i • '!, - .'. *'.. : - ' ,..• ' '.." '...•.. !' "+' .'! i l. : ! • . - , ! . • '.: a:.., 1 f - !''. - •', • i ' •, ! '.. • • : : ... • ', .- l . i • . _ _ • ... ',. i... . • - " • • • : 4"" C' I re';apl irte tiaal ;;ct:s re a - r ' : " - i . ' • ! • ' ' ' - w . - - + w .• - • s • • r- r, - • • -•. ,t -+, • ', • " r'- - - • - . - + • DATE (MMIDDIYYYY) CERTIFICATE OF LIABILITY INSURANCE ii/oz/zoi6 THIS CERTIFICATE IS ISSUED AS A MAi-fER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, fhe policy(ies) must be endorsed. If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsemeni. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s). PRODUCER Helen h7..JtFAC: L'ua rt Roach Howard Smith & Barton " p,; H" (972) 744-2704 A1C,Na (972j 744-28048750NCentralExpreseway AlG,N+,isp8: _ C } _ Suite 500 qqp_ hstuart@rheb.com Dallas TX 75231 INSURER(S) AFFORDING COVERAGE NAIC q t"`tJR Ra: Federal Ins Co 20281 INSURED f Hilltop Securities Holdings LLC ., Great Northern Ins Co 20303 Hilltop Securitiea inc. INSURERC:Fireman's Fund Ineurance Co 21873 First Southweat Asset Management, LLC INSURERD:Pacific Indemnity Co 20346 1201 Elm Street, Suite 3500 ` Dallas TX 75270 INSURERE: INSURER F : C7YEF E CERTIFICATE NUMBER: Cert ID 33507 REVISION NUMBER: THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. IN'SR ..... ........ .. __ r I f L$Ubii.....— ..__.—..... .— ........ i'[3.BCY EFF._, POLICY EXP ____. .... .. UMITSf{ TYPE OF INSURANCE ucn ;nn;n . POLICY NUMBER yM#IJi7fYY"Y;, lMMInONVVVIw,.... w.,- —. _......_..._.....a...'. A X' COMMERCIALGENERAL LIABILITY . EACH OCCURRENCE$ 1, 000, 000 DAMACiEI(7REN VS ... _ ,. . .. I. CLAIMS-MADE _ X,_I QCCUR `' 35921632 01/O1/2016 O1/O1/2017 PRFMISFS(Fanrrurranr.al S .. 1,000,,000 MED EXP (AnY one oerson) $ 10 , 00 0f PER56NAL&ADVINJURY $ 1,000,000 GEN'LAGGREGATELIMITAPPLIESPER: GENERALAGGREGATE $ 2,000,000 9'9iU"- ... .... ..... , .... .. POLICY ,, _X_.LOC PRODUCTS-COMP/OPAGG$ 2,000,000 Y7Y F. per loc aggregate $ 10, 000, 000 AUTOMOBILE LIABILITY CC7duSll6NEU SINGLE tMIT $ 1, 000, 000fE_ ,t liant .,.,.. _.... .... . B X I qNYAUTO 73550220 O1/O1/2016 O1/O1/2017 BODILYINJURY(Perperson) $ J ALL OWNED SCHEDULE6 BODILY INJURY (Per accident) $ AUTOS ___, AUTOS NON-OWNED FFtt.}F'3.3'Y CSi1MAGE X FiIRED AUTOS ' X AUTOS {F'.ar.ccir7€rnt; _,,,,,,, $ A X UMBRELLALIAB X pCCUR 79867765 O1/O1/201fi'O1/O1/2017 EAGHOCCURRENCE $ 10 000,000 E%CESS IJAB . CLAIMS-MADE AGGREGATE ,_ $ _10 000, 000 DED £ '' RETENTIdN $ WORKERS COMPENSATION m D .ANDEMPLOYERS'LIABILRY , 71719928 '.01/O1/201fi O1/O1/2017 X ..'1fi719Tf.... RH ,,,, ANY PROPRIETORlPARTNEFLEXECUTIVE E L, EACNACCIDENT $ 1, 000, 000 OFFICER/MEMBER EXCLUDED? .. N A — """ MandatorylnNH) E.L DISEASE-EAEMPLOYEE$ 1,000,000 Ifyes,describeunder 1,000,000DESCRfPTIONOFOPERATIONSbelowE.L. DISEASE - POLtCY LIMIT $ m,_. . __ -- _ __ __ . __ .. _ . __. _ ..._..,...,.. _...._...._ ,. C Exceas Umbrella SHX00058013152 O1/O1/2016 01/O1/2017Each Occurrence $ 10,000,000 Aggregate g 10,000,000 DESCRIPTION OF OPERATIONS 1 LOCATIONS 1 VEHICLES (ACORO 101, Addltlonal Remarks Schedule, may 6e attached lf mwe space Is requlred) General and auto liability policies include a blanket automatic additional insured endorsement or provieion that provides additional insured statue to certificate holder only when there is a written contract between named ineured and certificate holder that requires euch etatus. General liability policy containe a special endorsement or provieion with ^primary additional insured" wording. Qeneral and auto liability, and workers compeneation policies include a blanket automatic waiver of aubrogation endorsement or provieion that providea thie feature only when there is a wri ten contract between named,ineured and certificate holder that requires it. The General Liability, Auto, Umbrella and SVorkere Compeneation policies have been endorsed to provide 30 Daye Notice of Cancellation. CERTIFICATE HOLDER City of Denton 215 E. McKinney Denton TX 76201 I ACORD 25 (2014/01) CANCELLATION SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS. AUTHORIZED REPRESENTATIVE r l k,-- O 1988-2014 ACORD CORPORATION. All rights reserved. The ACORD name and logo are registered marks of ACORD Page 1 of 1 DATE (MMIDDM'YY) CERTIFICATE OF LIABILITY INSURANCE 11 Z 2 16 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must be endorsed. If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s). PaouucER 'T Helen 5tuartNAbIlE. Roach Howard Smith & Sarton — p} E {472} 744-2704 I ,ry (972 744-28i}} 8750 N Central Expreseway, Suite 500 $AtC,Nrr,Cx#Y. _ 4 }: _ E-M tLenrYur:c 1:uaxt4?3Y:ro.l7b.com Dallas TX 75231 INSURED Hilltop Securities Holdings LLC Hilltop Securities Inc. Firet Southwest Aseet Management, LLC 1201 Elm Street, Suite 3500 Dallas TX 75270 IF9SURCR S AFF(JFi Ik.COVERAGE NAIC q INSURERA:Westchester Surplue Lines 10172 INSURERB:XL SpeCidlty Ins CO 37885 INSURER C :, INSURER D t. COVERAGES CERTIFICATE NUMBER: Cert n 33505 REVISICIiwwl NUMBER: THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORbED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. INSR .. ._... .. ..... A''1C}4 SIiF T2 ____. ...__ .__ ... P6LiCY EFF _... C'C71ICY MP .. LTa TYPE OF INSURANCE iNcn wvn POLICY NUMBER IMMIDDIYYYYI . M YfC#7i1iVYY,, LJMRS f COMMERCIAL GENERAL IJABILITY . EACH OCCURRENCE r$ Gh.ii,E Tf3 fifdfST:l5 $ CLAIMS-MADE I.,..... OCCUR d H€t i&SE S{F rrr,irrt ne s} .... ........ MED EXP (Any one person) ', $ PERSONAL & ADV INJURY $ .. GEN'L AGGREGATELIMITAPPLIESPER: GENER0.LAGGREGATE ' $ s " PftL7- — ,. _ .. .. POLICY :E;'r LOC PRODUCTS -C6MPlOP AGG $ __ 1TFi lt -......._ ._ - $ AUTOMOBILE LIABILITY Cl3Mfi1 lf Ct SsfVt EK lts9P $ aaecrdrni ._... _... ANY AUTO BODILY IM1WURY (Per persan) $ ALLOWNED ° ._. SCNEDULED ...._..._ ....._._.._. .........__ ....... .. AUTOS AUTOS BODILY INJURY (Per accident) $ .... NQN-6WNED F'i2f3f"CIt'I't CJAN,AG;€ '... HIRED AUTdS ' AUTOS ('t ac ydaa's3j .. .._..... _._.. .... ._._ m ....m ,......... . . . .. ... ...,........ 3 . _.. UMBRELLA LIAB OCCUR EACH OCCURRENCE , y$ EXCESS LIAB . CLAIMS-MADE. AGGREGATE .. $ ,,, I]Fn RF7FNTION.,P B r $ . WORKBRS COMPENSATION PER UTH- AND EMPLOYERS' LtABILITY .. , .STATUTE ER _ , ANY PROPRIETOR/PARTNEFLEXECUTIVE Y' N E.L EACH ACCIDEIVT $ OFFICERMiEMBER EXCLUDED? N A "" "— -– Mandatory In NHj .. E.L DISEASE - EA EMPLOYEE $ Ifyes,describeunder - DESCRIPTION OF OPERATIONS below E.L DISEASE - POLICY LIMIT $ A Errore & 6missions G23619295011 12/20/2015 04/O1/2017Pri.r.ry - Each $ 5,000,000lm & Aggregate B Excees Errors & Omissions ELU14238915 12/20/2015I04/O1/2017Excess o£ primary g 5,000,000E&O - Aaareaate DESCRIPTION OF OPERATIONS I LOCATIONS I VEHICLES (ACORD 101, Additional Remarks Schedule, maybe aHached if more space Is requlred) RE: Financial Advisory CERTIFICATE HOLDER City of Denton 215 E. McKinney Denton TX 76201 I ACORD 25 (2014I01) CANCELLATION SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS. AUTHORIZED REPRESENTATIVE l .k. OO 1988-2014 ACORD CORPORATION. All rights reserved. The ACORD name and logo are registered marks of ACORD Page 1 of 1 Corparatians Section P.O.Box 13697 Austin, Teaas 78711-3697 Certificate of Fact Carlos H. Cascos Secretary of State Tlie undersigned, as Secretary of State of Texas, does hereby cei-tify that the document, Applicatian foi- Certificate of Authority for Hilltop Securities Inc. (file number 9091806), a DELAW , USA, Foreign For-Profit Corporation, was filed in this office on March 24, 1992. It is further certified that the entity status in Texas is in existence. 1 • Carlos H. Cascas Secretary of State Co»ee r•rsil us on fhe rnlerrzel at htlp://wU w.sos.staCe.tx.us/ Plione: (512) 463-5555 Faa: (512) 463-5709 Dial: 7-1-1 for Rela_y Services Prepared by: SOS-W B • TID: 10264 Document: 680294670003 Corporations Section P.O.Boa 13697 Auslin, Texas 78711-3697 r .. L Carlos H. Cascos Sccrctary af Statc The undersigned, as Secretary of State of Texas, does herehy certify that the document, Application For Certiticate OfAuthority for FIRST SOUT ST ASSET MANAGE NT, LLC (tile number 9021906), a DELAWARE, USA, Foreign Limited Liability Campany (LLC), was filed in this of ce on January 24, 1992. It is further certified that the entity status in Texas is in existence. In testimany whereof, I have hereunto srgned my name officially and caused to be impressed hereon the Seal of State at my office in Austin, Texas on July 15, 2016. Carlos H. Cascos Secretary of State Come i'858/ ZlS O73 $IBL' I71ICY11G'l QI 111 7:WWW.SOS.SIQiC. Ex. tlS Phone: (512) 463-5555 Fax: (S 12) 463-5709 Dial: 7-1-1 for Relay Services Prepared by: SOS-WEB TiD: 102C4 Document: 680294670Q05 SSB Certificate of Registration Page 1 of 1 y. 4... A y, ex s e ec rit es . a P.O. BOX 13167 AUSTIN, TEXAS 78711 CERTIFICATE OF REGNSTRATIO THE SECURITIES COMMISSIONER HEREBY CERTIFIES THAT THE COMPANY AND/OR INDIVIDUAL NAMED BELOW IS REGISTERED AS A SECURITIES DEALER HILLTOP SECURITIES, INC. 1201 ELM STREET, SUITE 3500 DALLAS, TX 75270-2180 Branch #: 43 1201 ELM STREET, SUITE 3500 DALLAS, TX 75270 Branch Supv: ROBERT LINCOLN NASH Texas investor complaint hotline 1-888-663-0009 File #: 25469 Expiration date: 12/31/2016 JOHN MORGAN SECURITIES COMMISSIONER Certificate generated on: 03/13/2016 WARNING: IT IS A CRIMINAL OFFENSE TO FALSIFY INFORMATION CONTAINED IN A CERTIFICATE OF REGISTRATION ISSUED BY THE STATE SECURITIES BOARD; USE SUCH A RECORD WITH KNOWLEDGE OF ITS FALSITY; OR MAKE A FALSE STATEMENT CONCERNING ANY REGISTRATION MADE UNDER THE PROVISIONS OF THE TEXAS SECURITIES ACT. 3/13/2016 t B 1° " Cb9 ....._ .-_ i C ^ . !- . 1,. 1 #. vw.t crt i urr 1 s Y e ;r r_r Substitute -9 Form The IRS requires all vendors to complete a W-9 Form. The informatlon an this farm must be filled nut, signed and submitted by a vendor representative. All information must be completed before a purchase order or payment will be issued. Name as shown on your income tax return: /7' ' c"<uf>'irs ` r. Tax ID1Social Security#: ].S' / 3 8.2/37 Under penalties of perjury, I certify that: 1, The number shown on this form is my correc4 taxtaxpayer identification number (or I am waiting for a number to be issued to me), and 2. I am no4 subject to backup withholding because (a) I am exempt from backup witholding, or (b) I have not been notified by the Internai Revenue Service (IRS) that I am subject to backup withholding as a result of failure to report all interest or dividends, or (c) the IRS has notified me 4hat I am no longer subject to backup withholding, and 3. I am a US citizen or ather U.S person-for fededral tax purpases as defined at the battam of this page*. e Authorized Signature•. T'— Printed Name: d-"A' r "`°~' Company Name: Hi11toU Securities Inc. EmaiL C Address: 1201 EIm Street Suite 3500 Dallas, Texas 75270 I°e k ra r°i i r k€x f r f s l t x cl ss9fi tsaa r, iair l : Individual/ 5ole [vr Corporation Partnership Proprie4or Must designate C or S C Exempt S website w 1 lltt t iics.t`c Phone Number: (214) 953-4000 Fax Number: Limited Other Liability please specify: Corporation Bus+ness iype Real Estate Equipmenl Royallies (A-2) RentauLease (kt) RenialoLease (A-9) Medica!(Health Care {,-,J Senricas Only (A- Merchandsse- Merchandise & 7) p Goads onN (A-7) services (a-7) Le9ai Ffrrtvatlornev tA-cI ConauitanUProf Proceeds fram Fees (A.7j Real Estale rj Purchases (S} MinorityTypeofdrganlzatian: W d Female Owned Non Profit Hls4orically Underu4ilized Business r- .. . •- . . ,.- . . .* - . . - . .- -. . .- . . , - : _ r . _ . . - . l... .:.; .... _ a' -. '#' a • ,.:. ' ,, - -• . -::. : *. - _ ,.: * '.. `+: r ":... ' ..#" w !•.. _ ,:- -t M .::..! =... /' COd Page 1 9l2312011 V rs i rr 1d tc ri5 tic_t [r t t t r r ii s r s V- €r rr I e rii A ir a i# difif r raa frc n ¢h aau i Company Name: Contact Name: r.. - L R *t r- List Products and/or Services Interested in Bidd A} arlF rrtt ticar-1"it r t rY ABA Routing#: /// v av i /Y 111000614 Contact Nente : ,"°a.ra. W o o c- Saga w00C1 aank Accaunt# D 88 oso 9s'.r-08805076955 ank Nsme °' l MGz'siri ACH Emasl : S rc.. 2. oo °'a".csy, AGH Emsil : 1 •. M , I(we) authorize the Clty of Donton to deposit payments into tho checking account listad. The authorlty remalns in effect untll the City of Den4on has recelved written notlffcatlon from me of termina4ion in time ta aBlow reasonable opportunicy to act oer 14, or untBl the City ai Denton has sent me wrltten notice of terminatlon of the agreement, Vondor 3lgnature""""'"— PrintName/Tltle - ` ti' ,T J e,,- Date l o` 31 ° _ Far Bnternal Use Only New Vendor Vendor Change Vendar Number Refund i Qepartment Representative (F rin ecl f a) Date: Purchasing Signature: Date: COD Page 2 9/23l2011 C N LICT INTE EST UESTI NNAI E- F Cl I'ur vcndor or oll cr ,e s i nwdnii busii ess rvifh local s t c:ratmcntnl ciitit 4 1'his queslic,n„aire. rcticcts changes madc to the law by II.F3. 1491, SOtI Leg., Regular Sess on. I I11S (1LICSlIOl111AIfL' IS )eltl ill d 1B1 1CCOCdilIlCl' R'1LI1 CI73[)CCI' 17G OPiI1C C,ocal C;overnment Code by a person wlio Itas a b isi iess i•elfltionslrip as detined hy Scction 17C.001(1-a) wilh a 1oc11 overnmcntaE entity and thc person meets requircmenls under Section 176.Q0G(a}. 3y latv Ihis queslionnaire must be filed vith thc recards admiitiistralor of lhe local governmcnl entily nol later than tl7e 7th business day afler Ihe d:itc lhc pertion becomes aware of facts that reyuire thc slatement to be filed. Sec Section 17G.006, Local Governmenl Code. person commits an af ense ifil7e person knowingly violates Sectic n 176.00C, Local Government Code. An ofiense under this sectiot7 is a Class C: misdemeanor. a. __ , , m - -- -- --- u . _ y Namc of persnu who has a husincss rclationship with local ovcrnmcnlal enlily. I irsl 5uulhwcsl Asscl ltanH cmcnl, LI,C Chcck lhis box if yuu arc Gliug an update to a previousl filcJ yucsliannaire. I'he Ix a reyaires that -ou lilc an updatcd completed t ucsti ann:rirc with hc apprupria c filin authuiily nul l tcr than lhc 7"' business dx aflcr dic da( th t E€r s ti lilcd ti o ionnairc bccomcti iri craa€'icr or ¢cs.k tir.at.1 _...._.— _ .. Namc of lacal ofcrnmcnl olTccr r ilh s hom Glcr has ur c+nploynecnt or Itusiness t°clationship. ul Annliralrle arori I tris scciio t, (itcm : includiiig suf parLti A, 13 C C I7), must bc coisiplctcc[ fur c ch olliccr wit[t vlron7 thc filcr I as utr cmploymcnl or uthcr liusiucss rcluliousltip as defincd fy• tiecfiu t 17Fi.00}f(f -ai). f.e cal Gavcr imettl Cadc. AUach acid'rtional p gcs to this f arm CiQ as nccesstrry A. Is chc local ;vc:rmz cnt oflic r nam c! in this scc(inn rccciving r likcly to rcccivc laxablc incomc, oUtier tliau invcstmcnt incomc, irom (hc filcr af (hc y ies[iun it irc? I f yc;; Nu li IS [ftc I'ilcr ol thc qucstiorm sirc recciving ot likely tu r ccivc taxable incoiuc, UIIICC IFldll If1VC5It11Cflf i[1GQIS7C. ICOIil OC a( U3c dircctiar ot'tlic loc:.tl g rvcnrnrcni OITICCI' I1NI1lC(1 I11 Illlti $CL'LllTli l NEi IIIC d\C 1IC UiCI}p)C $ I10 ICCC{VC(I tC0111 LIlC IOCiII ,OVCC11f11CTY itI eL1llIV a.<. .. Cti i ill s lftc }iicr of rliis qacatiairnaire cmpPcxyed b} a ccxpora(i o eror nlfic' lrusit ess entity cvith respect tcti `vlsicli Ihe Iocal gmernmenl ofCecr scrvLs ss an otfiiccr or dire tor, c r holtfs an itit i crship ol 10 peicenl or i ior' a Ycs — lo 7 E}cscrihc cach ,iffllielion or business tc;lalinnsltip I h:aC nn ('enflict uf Intcrest to disclusc. fii5t ; 4 Mana emcnt, LI_C j' n_n.-__ _ . Si:n:ifure of perscrn duin b'Esiness evitb tlac gcsvernmenlal errlity Datc a. w_.._ _ _ c Nri.ic r F s u sTi - c l ur vcndor or nllicr• e.rson r i s business rvith local „crv:tm nt l cntit:; l,his c uestio'ii`airc reflccts chan cs niade tn thc l w• by I.li. 1491, 80t1 Leg., Regular Sessiou. Tliis yucs iunn`i e is being filed in accordance with chupter 17G af lhe l.ocsdl C;ovei iirnen[ C:ode by a peason ho Itas a busi'7ess relationshi as deiined by Section 176.Q01(l-) vith a lac;al governmental entity and lhe (rerson meets reyuirements under Section 17GAUG(a). 13y la- Uiis questionn iire must bc filcd wiU7 thc •ecords adminisCratar af the {ocal government entity nat Ititer Ihan the 7th business r y aitcr lhe datc tf c person becomes aware ul`facts hat require Ihe s 3tement to hc fifed. See Section 17G.OpC, 1.oca! Governmenl Code_ A person commits an at ense if the person knowingly violates Section 171i.(i06, L..ocal Government Code. nn offense under tl7is seciicr 7 is a Class C misdei ieanor, .,...N _._., _.__ ._ _ an a... . w ,e . Na iuc of Cticrsan who hav a busines relsilionship with locs l {overnmenls l cnlih'• I S( Conlir ui s Ili closurc Sc•ri r a I)i itian of IlFll s r Sccurilics lnc. _ C'hcck (fiis box il'you urc Glin; xn updalc la a prc iously filcd yucslionnaire. I he I;it reyuires Uiat ou tile suY updatcd completcd qucstiottnair itlr thi; appropriatc filing uulhunty nut f dcr tliun lhc 7'' busine:;s day ai'tcr liic dti(e t6e r,rix rso saPti lilcd tqtii rstitii i t.3 re hccomcs ifis,e nrq 9:g or irtaccurutc.) amc uC lurxl ;o crnmcnl nl'liccr +ill rhom filcr hac an cmplU}'mcn( ar busincss rclalionship. R.TiTi1t 1S7: Namc af (?F ccr hiti scc (i rn, (itcin ; inuluding subparLs A, l3. C K D!, nrust b compleEcd !or cach oC(icm with H•hom tl c Glcr h s m cmploymcnl wr otl7cr husincss rcl uc nship as ic ncd hy Scc(ian 176.Opf(t-a). Loc l Govcrnmcizl Cadc Attacft ndditianat pai cs to lhis l or u CIQ as neccssary n. tx tftr local gove tuucnt o(ticer n7u7eel in this ycetion receiving ur fikef} [o recriv t:xablo income, otl7cr thnn inveslmcnt i icome, Gom lhe fifer cifthc qt cctionn iir:' l 1 ,,; .._,m.....,. No l3, Is Ihc tiler ol lhe quesAinm7;iirc n:cciving or likely [o recci c laxnblc ine:ame, athcr lhan inves[ment irfcomc, liom or at thc virecticm of llic local go•cmmcnl nfficcr namcd in lhis ticction A1 D the ir xablc ii7comc is not rcccivcti lrom the lacal ,<rverwnenta{ eirlily? 1'c.w Nc t:' Is rhe tiler af this cCi estionnaiec e.mF'to}ed b} a corpor:ftion crr otlrer business entR} ivitlt respLct to „'hich dic tocsi! ;o•entment uf ficer scrvcs as ejf oflieer ar director, ur halds an o tnership af {0 pereent nr more'? C__, y,;: N I) )C3CIII L C:1C.I1 hiilI1141011 Uf hI1ti1B}Lti5 CCIs'lionsiyip. I hact nu Conilicl of Inlcrest lo disdasc. SC. Cantin i s; I)i5clasurc Serviccs, ti U.-.__ __ lV151(}Il 3[ tillt l ;r r°i ic ' /' c f m_.— _- ._. --- Signaifurc uf per,on ,9 }s bc siucss with tl c gcivcrnmcnt;l entity Dale CERTIFICATE OF INTERESTED PARTIES FORM 1295 iors u...,__.__—..__.. .n..,._. ....w -- — — Gornplete Nas, 1 4 and 6 it ttgere are interested parties, OFFICE USE ONLY Complete Nos. ], 2, 3, 5, ar d 6 if there are na interested parties. CERTIFICATION OF FILING 1 Name of business entity ftling form, and the ciry, state and country of the business endty's place -tiEissG ti'x Num6er: of business. 2016-132155 I illtop Securities Inc. DalBas, TX United States Date Filed: 2 Name of governmenta entiry or state agency that is a party to the contract for which the form Is 11l0212016 being iiled. City of benton Date Acknowledged: 3 Provide the identification number used by the governmental entity oe state agency to track or itlentify the contract, and provide a description of the services, goods, or other property to be provided under the contract. Contract # 6228 Financial Advisory and Continuing Disciosure Services Nature of interest 4 Name of fnterested Party Ciry, State, Country (place of business) (check applicable) Controlling Intermediary Feinberg , Fail( A Dallas, 7X United States X I eterson, Robert W Dallas, TX United States X Muschalek, Johrr R Dallas, TX United States X Edge , J Michael ballas, TX Uniied States X Leventhal, Laura Da las, TX UniEed Stat s X Hilltop Securities Holdings LLC Dallas, TX United States X I _ 5 Check only If there is NO Interested Party, 6 AFFIDAVIT swear, or a4firm, under penalry of peryury, thaY the bov disdasur i true and correct. x '", KELLY 6RAGG z My hlotary ID # 125389720 • 6 • Explres September ZU, 2020 - x sq t1,s. o( authorized agent af contracting bu iness entity itFFIX NC7TARY S`fAMP ( S" L A dVE W w a 5worn tra eitsrf subscribed before me, by the said --,.3??{" ,., w .'____ ,, this the day of 1 , 20 _ , to certify which, witness my hand and seal nf a4fice. y f` ',, . . trixdur officer W rr r i E raRg ¢ Printed name of a ig c r i°c r Er i:t o tf T tP€ oF rasiii: ris3rr€'r ro rirxt, oath Farms nrbvidecl by T xas Ethics Commission www.r.xEl irs. ;t w.tx.us Version V1.0.277 CERT[FICATE OF INTERESTED PARTIES FORnn 1295 lofl Cocnplete Nos. 1- 4 and 6 if there are interested parties. OFFiCE USE ONLY Complete Nns. 1, 2, 3, 5, and 6 ii there are no interested parties. ' CERTIFICATION OF FILING 1 Name of business entity filing form, and the ciry, state and country of the business entity's place Certificate Number: of business. 2016-132150 FSC Continuing Disdosure Services, a Division of Hilltop Securities Inc. Dalfas, TX United States 'oate Filed_ d 4r t i' v i t i€nt l t tety or state agency t at a p rt tca ti cartr.r c tor rwhkc, ti e iarnt i 11/02I2016 being filed. City of b nton I at Acknowledged: 3 Provide the identification number used by the governmental entity or state agency to track or identify the contract, and pro ide a description of the seroices, c oads, or other property io be provided under the contract. Gontract t 67_28 Continuirtg bisclosure Servic s Nature of interest 4 IVame of Interested Party City, S ate, Country (place of business) (check applicable) Contralling Intermediary Feinberg , Hill A Dallas, 7X United States X Pet rson, Rabert W Dallas, TX Uniled States X Muschalek, Jahn R Dallas, TX United States X Edge , J t icha€I Dallas, iX United 5tates x Leventhal, Laur dallas, TX United States ' X Hilltop Securities Holdings LLC Dallas, TX United States X 6;ck only if there Is NO I i+res#i I'arCy. °• 6 AF IDAVIT I swear, or affirm, unrler pena{ty of perjury, that tftie above disdosure is teue ar7d carrer.t. KELLY BRAGG ` g My Notary ID # 12 9720 • N, &, Expires September 20, 2b20 t a___ __ _ lpnature oi authorized agent of contracGr}g busin ss e tiry AFf=1X IOTHRY 5TAMP ! SEP,L A(ClVE Swarn to nd subscrib d beFore ene, by the said .. ,_.,_.._, tl7is tl e .. _ ..= v y - .:.:: .: y} „__ _, to certify which, vritness my hand and s al ot o tice. r ' ' r iryEr• ai s i : a aEa ur¢,ttt r Er Printed n me of r dfa 9=r ar 97ar is¢ r t17 Title oi fr'- ;' minis'tering ath Form r r v c9f_! bv Texas Ethics arrt r€;.,I` v.il ics.sta[e.Uc.us Version V1.0.277 C TIFIC T F I T T TI FORnn 12 5 lofl Complet Nos. i- 4 nd 6 if there are interesled parties, OFFICE USE ONLY Carnplete Nos. 1, 2, 3, 5, and 6 if there are no interested parties. ' CERTIFICATION OF FILING 1 Name of business entiry filing form, and the city, state and country of the business entity's pface IC rtiti t Number: of business. 2Q16-132163 FirstSouthwest, a Division of Hilltop Securities Inc. Dallas, 7X United States €t Flied: 7. P anx ra6 a u rrrrz r:r t tl c^r tity or t gCe agency 4 srxt i a party to t e c rntr t ior wltiis:h tE trist . 11/OZI2016 being filed. Ciry af Denton Date Acknowledged: m_,. - .a.._ _ 3 Provide the identification number used by the governmental entity or state agency to track or identl(y the cantract, and provide a description of the services, goads, or other property to be provided under the contract Contract # G228 Financial Advisory Services fdature of interest 4 Name of Interosted Party Ciry, State, Country (place oi businass) {check appllc ble) Controlling Intermediarv Feinberg , Hill A Dallas, 7X United Stales X Peterson, Roberl W Dallas, TX United States X Muschalek, John R Dallas, TX United St tes X Etlge , J Michael Dallas, TX United States X Leventhal, Laura Dallas, TX United States X Hilltop Securities Holdings LLC Dallas, 7X United States X 5 Check only If there is NO Interested Party. 5 AFFIDAVIT I swear, or affirm, under p nalry of perjury, th t Qhe aboee disclosure is true and correct. K LLYBRAGG My N ID # 125389720 qi :;=' Explres September 20, 2020 w '' ' a a.., _ _ __.. t rix j arc3 ot authorized agent of contre cting business entiry AFFfX NOTF RY 5TAMP 1 SEAL ABOVE Sworn lo and subsr.ribed before me, by the said ,,a„, rd -. this 4he daY of f 7_0 , to certify which, witness my hand and seal of tsli,r. C', . i 1'r' ;er r x t rr> of ndf.. arltro i p;tc rs t r Printed name of ir„r, r ti t. ' c oath Title of rt: administering oath Farms provided by 7exas Ethics A 7nj:ir,r www.ethics.state.Uc.us Version v1,0.277 CERTIFICATE OF I JTERESYED PARTIES FORM 1295 1 of 1 Com alete Nos. 1- 4 and G if ihere are interested parties. , OFFICE U5E O LY Complete Nc s. 1, 2, 3, 5, and 6 if there are n int r sted pareies. ' CERTCFICATION OF FILING 1 Name of business entity filing form, and the city, stat and country of the business entity's place Certificate Number: of buslness. 2016-132157 First Southwest Asset Managemenl, LLC Dallas, TX United States Date Filed: 2 Name of governmental entfty or state agency that is a s arty to the contract for whlCh the form is i 11/02/2016 being flled. Clty Of C72fltOrl Date Acknowledged: g Provide the identification number used by the go ernmental entity or stake agency to track or identify the contract, and provicie a description of the services, yoods, or other properry to be provided under the conlract. Contract # 6228 Arbicrage Rebate Compliance Services Nature of interest 4 Name of Interesled Pariy City, State, Country (place of business) (check applicable) Controiling Intermediary ' Feinberg , Hill A Dallas, TX United 5tates X f cdanich, David K Dallas, TX United States X M arz, Pvlichael J ballas, TX United States x First Southwest Fi ldings LLC Dalfas, i?C Uniced States X s Clr r,k only if there is NO Inl r st l Party. . 6 AFFIDAVIT ,, a irm, under penalty of perjuey, th t the bove disclas are is true nd correct. LY BR,f GG , r My No IQ # 12538$720 ` Expires S l rrrb e 20, 2020 _ _ i aat rc af authorized agent of contr cTing business entity A FIX Nd'TARY STA(P ( S AL ABOVE r r" 5worn lo and subscriL ed before me, by tl7e said ' _P _ ,, [his 9h ;° . day of 2C}_ , to certify which, witness my t nd atzd s al of rritir+.Y. e €rs a ec y rCikr.r <z rr r7i,terr trari Printed nam of a ;;tr U r arr rp oath .Title of rstif3c v cia i s tt ring oath Fnrms nrovided bv Texas Ethics Commi i d .ethics.state.tx.us 'er me r V1.0.277