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Mr. Eric C. Horvath, Director, Department of Public Works <br />Re: South Bend (Indiana) Municipal Water Utility - Municipal Advisory Services — <br />Proposed Refunding Bonds of 2016 <br />October 26, 2016 <br />Page 3 <br />Municipal Advisor Registration <br />The Firm is a Municipal Advisor registered with the Securities and Exchange Commission and the <br />Municipal Securities Rulemaking Board. As such, the Firm is providing certain specific municipal <br />advisory services to the Client. The Firm is neither a placement agent to the Client nor a broker/dealer. <br />The offer and sale of any Bonds shall be made by the Client, in the sole discretion of the Client, and under <br />its control and supervision. The Client agrees that the Firm does not undertake to sell or attempt to sell the <br />Bonds, and will take no part in the sale thereof. <br />Other Financial Industry Activities and Affiliations <br />Umbaugh Cash Advisory Services, LLC ("UCAS") is a wholly -owned subsidiary of the Firm. UCAS is <br />registered as an investment adviser with the Securities and Exchange Commission under the federal <br />Investment Advisers Act. UCAS provides non -discretionary investment advice with the purpose of <br />helping clients create and maintain a disciplined approach to investing their funds prudently and <br />effectively. UCAS may provide advisory services to the clients of the Firm. <br />UCAS has no other activities or arrangements that are material to its advisory business or its clients with <br />a related person who is a broker -dealer, an investment company, other investment adviser or financial <br />planner, bank, law firm or other financial entity. <br />If the foregoing accurately represents the basis upon which we may provide Services to the Client, we ask <br />that you execute this letter, in the space provided below setting forth your agreement. Execution of this <br />letter can be performed in counterparts each of which will be deemed an original and all of which together <br />will constitute the same document. <br />If you have any questions, please let us know. We appreciate this opportunity to be of service to you and <br />the City. <br />Very truly yours, <br />H.J. Umbaugh & Associates <br />The Client requests that the Finn assist the Client in meeting its requirements to comply with SEC Rule <br />I5c2-12: Continuing Disclosure as referenced in Exhibit A. <br />Please initial by your selection: Yes_ No <br />The undersigned hereby acknowledges and agrees to the foregoing letter of engagement. <br />City of South Bend, Indiana APPROVE]) <br />t3oard of Public Works <br />Date: By: <br />