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REV: 07-22-2021 MI statutes and the applicable covenants and as supplemented by such other written instructions as may from time to time be provided by City to Consultant. Consultant shall be entitled to rely upon City's written advice with respect to anticipated drawdowns of Managed Funds. Consultant will observe the instructions of City with respect to broker/dealers who are approved to execute transactions involving the Managed Funds and in the absence of such instructions will engage broker/dealers, which Consultant reasonably believes to be reputable, qualified and financially sound. 31.2 Pool Compensation. Assets invested by Consultant under the terms of this Agreement may from time to time be invested in (i) a money market mutual fund managed by Consultant or (ii) a local government investment pool managed by Consultant (either, a “Pool”) or in individual securities. Average daily net assets subject to the fees described in this Agreement shall not take into account any funds invested in the Pool. Expenses of the Pool, including compensation for Consultant and the Pool custodian, are described in the relevant prospectus or information statement and are paid from the Pool. 31.3 Other Compensation. If and to the extent that City shall request Consultant to render services other than those to be rendered by Consultant under this Agreement, such additional services shall be compensated separately on terms to be agreed upon between Consultant and City. 31.4 Expenses. Consultant shall furnish at its own expense all necessary administrative services, office space, equipment, clerical personnel, telephone and other communication facilities, investment advisory facilities, and executive and supervisory personnel for managing the Managed Funds. Except as expressly provided otherwise herein, City shall pay all of its own expenses including, without limitation, taxes, commissions, fees and expenses of City's independent auditors and legal counsel, if any, brokerage and other expenses connected with the execution of portfolio security transactions, insurance premiums, and fees and expenses of the Custodian. 31.5 Registered Advisor; Duty of Care. Consultant hereby represents it is a registered investment advisor under the Investment Advisers Act of 1940. Consultant shall immediately notify City if at any time during the term of this Agreement it is not so registered or if its registration is suspended. Consultant agrees to perform its duties and responsibilities under this Agreement with reasonable care. The federal securities laws impose liabilities under certain circumstances on persons who act in good faith. Nothing herein shall in any way constitute a waiver or limitation of any rights, which City may have under any federal securities laws. City hereby authorizes Consultant to sign I.R.S. Form W- 9 on behalf of City and to deliver such form to broker-dealers or others from time to time as required in connection with securities transactions pursuant to this Agreement. 31.6 Consultant’s Other Clients. City understands that Consultant performs investment advisory services for various other clients, which may include investment companies, commingled trust funds and/or individual portfolios. City agrees that Consultant, in the exercise of its professional judgment, may give advice or take action with respect to any of its other clients, which may differ, from advice given or the timing or nature of action taken with respect to the Managed Funds. Consultant shall not ATTY/AGR.2021.129/PFM Asset Management LLC (Investment Advisory Services) (Page 10 of 17)