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<br />ATTY/AGR/2016.150/PFM-INVESTMENT ADVISORY SVC <br />REV: 06-22-16 JS <br />Page 9 of 16 <br />28.2 Pool Compensation. Assets invested by Consultant under the terms of <br />this Agreement may from time to time be invested in (i) a money market mutual <br />fund managed by Consultant or (ii) a local government investment pool managed <br />by Consultant (either, a “Pool”) or in individual securities. Average daily net <br />assets subject to the fees described in this Agreement shall not take into account <br />any funds invested in the Pool. Expenses of the Pool, including compensation for <br />Consultant and the Pool custodian, are described in the relevant prospectus or <br />information statement and are paid from the Pool. <br /> <br />28.3 Other Compensation. If and to the extent that City shall request <br />Consultant to render services other than those to be rendered by Consultant <br />under this Agreement, such additional services shall be compensated separately <br />on terms to be agreed upon between Consultant and City. <br /> <br />28.4 Expenses. Consultant shall furnish at its own expense all necessary <br />administrative services, office space, equipment, clerical personnel, telephone <br />and other communication facilities, investment advisory facilities, and executive <br />and supervisory personnel for managing the Managed Funds. Except as <br />expressly provided otherwise herein, City shall pay all of its own expenses <br />including, without limitation, taxes, commissions, fees and expenses of City's <br />independent auditors and legal counsel, if any, brokerage and other expenses <br />connected with the execution of portfolio security transactions, insurance <br />premiums, and fees and expenses of the Custodian. <br /> <br />28.5 Registered Advisor; Duty of Care. Consultant hereby represents it is a <br />registered investment advisor under the Investment Advisers Act of 1940. <br />Consultant shall immediately notify City if at any time during the term of this <br />Agreement it is not so registered or if its registration is suspended. Consultant <br />agrees to perform its duties and responsibilities under this Agreement with <br />reasonable care. The federal securities laws impose liabilities under certain <br />circumstances on persons who act in good faith. Nothing herein shall in any way <br />constitute a waiver or limitation of any rights which City may have under any <br />federal securities laws. City hereby authorizes Consultant to sign I.R.S. Form W - <br />9 on behalf of City and to deliver such form to broker-dealers or others from time <br />to time as required in connection with securities transactions pursuant to this <br />Agreement. <br /> <br />28.6 Consultant’s Other Clients. City understands that Consultant performs <br />investment advisory services for various other clients which may include <br />investment companies, commingled trust funds and/or individual portfolios. City <br />agrees that Consultant, in the exercise of its professional judgment, may give <br />advice or take action with respect to any of its other clients which may differ from <br />advice given or the timing or nature of action taken with respect to the Managed <br />Funds. Consultant shall not have any obligation to purchase, sell or exchange <br />any security for the Managed Funds solely by reason of the fact that Consultant, <br />6.1.I. - Page 38