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Springsted Incorporated <br /> 380 Jackson Street, Suite 300 <br /> Saint Paul,MN 55101-2887 <br /> Springsted <br /> Tel: 651-223-3000 <br /> Fax: 651-223-3002 <br /> www.springsted.com <br /> MEMORANDUM <br /> TO: Pequot Lakes Mayor and City Council <br /> Nancy Malecha,City Administrator/Clerk <br /> FROM: Paul T. Steinman,Vice President <br /> DATE: September 8,2016, 2016 <br /> SUBJECT: Municipal Advisor Contract <br /> As a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, all Municipal Advisors <br /> (MA's)are now required to establish the terms and conditions, by contract,of their client engagements. Because the <br /> MA Contract is a relatively new standard I wanted to take the opportunity to highlight some of the components. <br /> 1) Dodd-Frank Compliance—As stated,this federal law mandates that contracts will be required for all <br /> MA/Client relationships. <br /> 2) Engagement; Duties—This section describes our role in the contractual engagement,specifically indicating <br /> the functions of an MA in Appendix A. <br /> 3) Compensation and Expenses—This section describes how and when the MA is to be paid as part of the <br /> engagement. The Appendix B as referenced puts forth our current fee schedule for bond financings and <br /> hourly engagements. <br /> 4) Term and Termination—The contract can be terminated by any party for any reason upon 30 day written <br /> notice. <br /> 5) Indemnification; Sole Remedy—Common contractual indemnification language. <br /> 6) Confidentiality; Disclosure of Information—Information the Client provides the MA is client information and <br /> that which is provided to Client,with the exception of the reports prepared for the Client, is proprietary <br /> information of the MA. <br /> Public Sector Advisors <br />