PSA - H.J.Umbaugh & Assoc. - 2017 Bond Continuing Disclosure Services

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EXHIBIT B Fees The Firm's fees for services set forth in Exhibit A shall be billed at the Firm's standard billing rates based upon the actual time and expenses incurred under Article 1, II and III C. The Firm's total fees on an annual basis shall not exceed Fifteen Thousand Dollars ($15,000) without further authorization by the Client. Standard Hourly Rates by Job Classification 1/1/2017 Partners / Principals $275.00 to $475.00 Managers $190.00 to $325.00 Consultants $130.00 to $250.00 Municipal Bond Disclosure Specialists $120.00 to $195.00 Support Personnel $105.00 to $150.00 Billing rates are subject to change periodically due to changing requirements and economic conditions. Actual fees will be based upon experience of the staff assigned and the complexity of the engagement. The above fees shall include all expenses incurred by the Firm with the exception of expenses incurred for travel, if any, outside the State of Indiana. No such expenses will be incurred without the prior authorization of the Client. The fees do not include the charges of other entities such as rating agencies, bond and official statement printers, couriers, newspapers, bond insurance companies, bond counsel and local counsel, and electronic bidding services, including Parity®. Coordination of the printing and distribution of Official Statements or any other Offering Document are to be reimbursed by the Client based upon the time and expense for such services.