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3. Review of Investments. We will review the City's policy <br />regarding the investment of bond proceeds to determine if it is in <br />compliance with State and Federal laws effecting such investments. <br />We will also review the specific investment vehicles the City is <br />using to determine if the investment strategy is safe and prudent. <br />In doing so, we will interview any fiscal agents the City might <br />have to review the adequacy of reports on investment earnings. We <br />may make recommendations on the types of investments, the location <br />of investments, the institutions the investments are held by, and <br />the diversity and term of the investments. <br /> <br /> 4. Annual Rebate Report. Each year we will prepare for the <br />City a report that identifies the rebate amount, if any, and the <br />assumptions used in the calculation. We will be available to <br />present the findings of the report and to review our methodology <br />with City staff as needed. We will also revise our reports as <br />needed if any portion of the calculation methodology changes in <br />future years. We will summarize arbitrage monitoring practices, <br />and the City's compliance with such law changes. <br /> <br /> 5. Rebate Report. On the fifth year of each bond issue we <br />will prepare a report aggregating the five years of rebate <br />calculations. We will acquire and prepare all the necessary rebate <br />forms for the City's execution. The report will also include the <br />other information contained in the Annual Rebate Reports, as stated <br />in 4 above. <br /> <br /> 6. Opinions. Each annual and five year report will be <br />prepared in such a manner that the City's bond counsel may render <br />a legal opinion that the issuer has not invested in "prohibited <br />investments". We will be available to your bond counsel and his <br />or her office to assist in the preparation of the opinion. <br /> <br /> 7. Memoranda/Updates. We will provide timely memoranda <br />summarizing all applicable newly issued Regulations, Rulings, Court <br />Decisions and United States Treasury Department announcements <br />regarding rebate rules, calculation of arbitrage and all related <br />subjects. Also, such memoranda will describe the application of <br />such legal authority to such bond issue. <br /> <br />CH&RGES FOR SERVICES <br /> <br /> MFS will perform the above referenced services according to <br />the following fee schedule: <br /> <br />For districts which have never had funds invested <br /> with Fidelity Arbitrage Rebate Tracking Services <br /> (ARTS), the annual fee will be $1,500 per bond year <br /> <br />For districts which have had funds partially invested <br /> in ARTS, the annual fee will be $1,250 per bond year <br /> <br />- For districts which have always had the funds invested <br /> <br /> <br />