Contract - HJ Umbaugh & Assoc. - Municipal Advisory Services with Respect to the 2016 Waterworks Bonds Refunding

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EXHIBIT C (Cont'd.) Disclosure Statement of Municipal Advisor III. Other Municipal Advisor Relationships. The Firm serves a wide variety of other clients that may from time to time have interests that could have a direct or indirect impact on the interests of Client. For example, the Firm serves as municipal advisor to other municipal advisory clients and, in such cases, owes a regulatory duty to such other clients just as it does to Client under this Agreement. 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 advantageous timing and with limited competition at the time of the offering. In acting in the interests of its various clients, the Firm could potentially face a conflict of interest arising from these competing client interests. This conflict of interest is mitigated by the general mitigations described above. PART B — Disclosures of Information Regarding Legal Events and Disciplinary Histo MSRB Rule 0-42 requires that municipal advisors provide to their clients certain disclosures of legal or disciplinary events material to its client's evaluation of the municipal advisor or the integrity of the municipal advisor's management or advisory personnel. Accordingly, the Firm sets out below required disclosures and related information in connection with such disclosures. I. Material Legal or Disciplinary Event. There are no legal or disciplinary events that are material to Client's evaluation of the Firm or the integrity of the Firm's management or advisory personnel disclosed, or that should be disclosed, on any Form MA or Form MA-1 filed with the SEC. II. How to Access Form MA and Form MA-1 Filings. The Firm's most recent Form MA and each most recent Form MA-1 filed with the SEC are available on the SEC's EDGAR system at http://www sec gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001610268. III. Most Recent Change in Legal or Disciplinary Event Disclosure, The Firm has not made any material legal or disciplinary event disclosures on Fong MA or any Form MA -I filed with the SEC. PART C—Future Supplemental Disclosures As required by MSRB Rule G-42, this Disclosure Statement may be supplemented or amended, from time to time as needed, to reflect changed circumstances resulting in new conflicts of interest or changes in the conflicts of interest described above, or to provide updated information with regard to any legal or disciplinary events of the Firm. The Firm will provide Client with any such supplement or amendment as it becomes available throughout the term of the Agreement.