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2016-391�! ! 1► � ► ► � � • � . �•� . . �• . . • � . � ! � . 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 of Hilltop 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 of Denton 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 tl�i� �'��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�l�r�ri�at�d pt�r�u��xrt tc� ��c;l�t 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 - l�itN ���__�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 �r�iy ��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 tl�i� 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�c�atic�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 il�ce 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��� tl�c� �'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�hv�rest �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 i�ac�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� �f th� �trick���l prc�visr�r�. � rC� C Y� � � � i �L, �C � �V ' EI A S "Q1�� C(��ISCTL,'�'1�NT �1�c�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� �f warlc ���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�dif c�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��d 9 9 9 t 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���� ��t�l���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��c�ral �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� i�r��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�cc�s 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, Tl�b�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�quirefl�n��i� �f` th� Is�u�r, In th� �vent t�����ies c�f` ��isti�� c�r prc�j��t�cl fa�ilitr�s c�p�rat�d by th� Iss�er Gir� ta �S� p��d�;�ci tca r�p�yr�n��t c�f th� 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 flfl�tft�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�se�t�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�i�l �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.l�t 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�ret�s �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 ��`il�a� 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 �l�i� 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 t�rt�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� �ac�ynzeaai �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�ss�Ltrned 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 l�h�at s�Yvices c�r�e t��ncape�^��l ctnci pclyr��le �t�o�t �°ec�r�� vf c�r� ir7t�taice ther�for� s���arnr�tecl lay FS"�T� � i �. �;, � ��`� ` t ,i' �,, ,�, , , . � � , �I'�'I' ��' EI�`1 C�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�l�r�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 ty�p� 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�, 1 hc, 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 �i�atso 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�� �� sl�call 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��, Tl�cis ��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�c�h 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���t�r�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�et�ri��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��;����r�E�°�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 �ry d ��� � �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� �1�7� � 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�) �f th� 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���° �t�rc�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�, �i�a �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 tl�a� dat� �� ����pt���� by ti1� Iss��r �s s�i csut h�re�11 b�1c�v�r �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�f 11�.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 �c�ade 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�v�ain� 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�rc�ti� 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) �'�� µ�� 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..JtFA C: � L'u a r t Roach Howard Smith & Barton " �p,�; �H���" (972) 744-2704 A1C,Na (972j 744-2804 8750 N Central Expreseway �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 ____. .... .. UMITS �f�{ TYPE OF INSURANCE �ucn ;nn;n ��. POLICY NUMBER �yM#IJi7fYY�"Y;�, lMMInONVVVI _ w,.�... 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 0 ��� f� 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, 000 f E_� ��,t�l iant� .,.,.. _.... .... . 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 F Ftt.}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,�000 ��. DESCRfPTION OF OPERATIONS below E.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 5tuart NAbIlE. Roach Howard Smith & Sarton — �p}� ��E�� {472} 744-2704 I ,���ry� (972� 744-28i}�} 8750 N Central Expreseway, Suite 500 $AtC,Nrr,Cx#Y. _ 4 }: _ E-M�tL enrYur���:c� �1��:uaxt4?3Y�:ro.l7b.com Dallas TX 75231 INSURED Hilltop Securities Holdings LLC Hilltop Securities Inc. Firet Southwest Aseet Management, LLC 1201 Elm Street, Suite 3500 Dallas TX 75270 IF9SURCR�S� AFF(J�Fi�Ik�.COVERAGE NAIC q ... . . ... , .... ......... ......... _____ _... INSURERA:Westchester Surplue Lines 10172 --......... _ ___.._.. __ INSURERB:XL SpeCidlty Ins CO 37885 INSURER C :, INSURER D t. COVERAGES CERTIFICATE NUMBER: Cert �n 33505 REVISICIi�wwl NUMBER: THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORbED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. _.... _ INSR .. ._... .. ..... A'�'1C}4 SIi�F�T2 ____. ...__ .__ ... P6LiCY EFF _... C�'C71 ICY �MP .. LTa TYPE OF INSURANCE iNcn wvn POLICY NUMBER IMMIDDIYYYYI �. M�YfC#7i1iVYY�,�, LJMRS .... ... . . . ... ...��...�.�. . f COMMERCIAL GENERAL IJABILITY . EACH OCCURRENCE r$ .._ .... _. __.. _.. § � Gh�.ii�,E Tf3 fif d�fST: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�l�t� � -......._ ._ - $ AUTOMOBILE LIABILITY� �C�l3Mfi1�lf�Ct SsfVt�EK �lt�s9P $ ,�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 $ 5,000,000 ' �l��m & Aggregate B� Excees Errors & Omissions ELU14238915 12/20/2015I04/O1/2017Excess o£ primary g 5,000,000 E&O - Aaareaate DESCRIPTION OF OPERATIONS I LOCATIONS I VEHICLES (ACORD 101, Additional Remarks Schedule, may be 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} Minority Type of drganlzatian: ❑ �W��d ❑ Female Owned ❑ Non Profit ❑ Hls4orically Underu4ilized Business �r- .. � . •- . . ,.- . � . .* - . . - . .- -. . .- . . , - : _ r . _ . . - . - :�' �:. � • '..� • �;#• l... ■ �.:.; � ..��..� ♦ _ a��'�� -. '��#' a • �,.:�. '� ,, - -• . -�::. : �*.� - _ ,.: * '.. `+: �. _ ...._ � _' . .. :r � ":... '� ..#�" w !•�.. _ � �,:- -t� �� ��M .::..! =... ■ /'� � COd Page 1 9l2312011 V�r�s�i�rr 1d�t�c�r�i5��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 gm�ernmenl 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�r�e� 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� ofl ieer 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�¢�,tt t�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 abo�ee 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