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Home My WebLink About184143 04/13/2010 VOIDED DUP PMT r CITY OF CARMEL, INDIANA VENDOR: 00351669 Page 1 of 1 ONE CIVIC SQUARE UMBAUGH ASSOCIATES CHECK AMOUNT: $14,245.00 CARMEL, INDIANA 46032 PO BOX 40458 y'sca `o INDIANAPOLIS IN 46240 -0458 CHECK NUMBER: 184143 CHECK DATE: 4/13/2010 DEPARTMENT ACCOUNT PO NUMBER INVOICE NUMBER AMOUNT DESCRIPTION 902 4340000 120036 14,245.00 FINANCE CONSULT H. J. Umbaugh Associates Certified Public Accountants, LLP 8365 Keystone Crossing, Suite 300 P.O. Box 40458 Indianapolis, IN 46240 -0458 (317) 465 -1500 Carmel Redevelopment Commission c/o Ms. Sherry Mielke, Finance Director 111 West Main Street, Suite 140 Carmel, IN 46032 Re: Assistance with the 2004 COLT Bonds related to the DSRF Surety Downgrade Invoice No. 120036 Date 1113012009 Client No. C00600 For financial services related to the DSRF Surety downgrade on the 2004 COIT Bonds, exploring alternatives, and preparing technical default notifications, etc. See attached for detail of services. Current Amount Due ,14,24 Umbaugh 8365 Keystone Crossing, Suite 300 P.O. Box 40456 Indianapolis, IN 46240 -0456 (317) 465 -1500 Carmel Redevelopment Commission clo Ms. Sherry Mie/ke, Finance Director 111 West Main Street, Suite 140 Carmel, IN 46032 Re: Assistance with the 2004 COLT Bonds related to the DSRF Surety Downgrade Invoice No. 120036 Date 1113012009 Client No. 000600 DATE SERVICE HOURS RATE AMOUNT 4/23/2009 Other (Describe) Debt Surety Reserve Problem on 2004 COIT Lease Bonds due to MBIA downgrade emailldiscuss w/ partners to see what they've done for clients in this situation Matthes 0.50 $340 $170.00 4/24/2009 Other (Describe) Debt Surety Reserve Problem on 2004 COIT Lease Bonds due to MBIA downgrade email from Diana, research bond documents, discuss with Bruce, etc. Matthes 2.00 340 680.00 4/27/2009 Other (Describe) Debt Surety Reserve Problem on 2004 COIT Lease Bonds due to MBIA downgrade (with Bruce) call to discuss w/ Diana; aprise, email and discuss the situation with the Mayor; discuss wl George verify no AAA banks, discuss negotiation possibility wl Trustee; call Trustee to discuss; read diff. section 12.05 of Indenture, discuss wl Bruce, and Mayor Matthes 3.00 340 1,020.00 4/28/2009 Other (Describe) Debt Surety Reserve Problem on 2004 COIT Lease Bonds due to MBiA downgrade follow -up action, email BTG staff re: info needed Matthes 1.50 340 510.00 4/28/2009 Teleconferences Karen Franklin, Underwriters, Banks, etc. Matthes 0.50 340 170.00 4/28/2009 Financial Development Prep Research of bank ratings Bawcum 1.00 200 200.00 4/29/2009 Other (Describe) research; call Karen Franklin Trustee re: obtaining bondholder list from DTC; also ratings on BNYMellon LOC; call Jim Pass RBC Capital re: potential AAA LOC from Royal Bank of Canada; also any potential insurance companies; Matthes 1.00 340 340.00 4/30/2009 Other (Describe) Karen Franklin Trustee discuss DTC cost to provide Bondholders; Susan check EMMA for secondary market transactions on 2004 bonds; Tom Enright City Sec. re: AAA insurance companies; email on progress to Mayor and Bruce Matthes 1.75 340 595.00 4/3012009 Correspondence emails w/ Mayor, Bruce re: possibility of Trustee replacement, other issues Matthes 0.50 340 170.00 5/1/2009 Other (Describe) find/ checking 2003 A water refunding utility bonds for DSR Surety check Bond Ordinance regarding requirements, FOS, and After Sale /Closing Letter Matthes 0.75 340 255.00 5/1/2009 Correspondence emails w /Mayor and Bruce re: Trustees, utility bonds no DSR Surety Matthes 0.50 340 170.00 514/2009 Teleconferences Jim Pass, Bruce Donaldson discussing options, potential MBIA consent to various changes, etc. Matthes 0.75 340 255.00 5/5/2009 Financial Development Prep discuss the possibility of negotiating w/ MBIA with Jeff Messer and other ideas Matthes 0.25 340 85.00 5/8/2009 Correspondence email Bruce re: B &T counsel on DSR Surety; email from Mayor Matthes 0.25 340 85.00 5/11/2009 Teleconferences Bruce Donaldson -B &T, Nick from MBIA/National PFC Matthes 0.75 340 255.00 5/12/2009 Teleconferences Linda Ebraham, MBIA/National; message to Bruce Donaldson Matthes 0.50 340 170.00 5/13/2009 Teleconferences Bruce Donaldson, Linda Ebraham, MBIA/National Matthes 0.50 340 170.00 5/14/2009 Teleconferences Bruce Donaldson regarding options discussed with Linda Ebraham, MBIA/National, and other options Matthes 0.50 340 170.00 5/15/2009 Other (Describe) discussions related to bond market reaction to technical default re: debt service surety downgrade Matthes 0.50 340 170.00 5/18/2009 Teleconferences discuss potential impact of technical default on Carmel bond marketinglinvestor perception with underwriters, Tom Enright and Randy Ruhl at City Securities Matthes 0.50 340 170.00 5119/2009 Teleconferences Karen Franklin, Trustee update Matthes 0.25 340 85.00 5/22/2009 Correspondence emails with Curt, Mayor re: other funds to fund $2.7 million Reserve Matthes 0.25 340 85.00 5/29/2009 Teleconferences Todd Krz. Mesirow; Bruce Donaldson, B &T- re: potential buy -back of COIT Bonds from owners and re -issue wfout DSRF or lower grade Matthes 1.50 340 510.00 6/1/2009 Correspondence call and emails re: DSRF Surety w/ Bruce and Mayor Matthes 0.50 340 170.00 6/2/2009 Meetings meeting /discuss DSRF Surety options w/ Mayor, Luci Snyder and Kevin Ryder Matthes 0.50 340 170.00 6/5/2009 Teleconferences Talked to Loren and participated In a conference call regarding possible reserve funding for surety. Gregory 0.25 200 50.00 6/5/2009 Teleconferences Bruce Donaldson; Curt Coonrod; John Humpreys, Moodys; Todd K. at Mesirow; Karen Franklin, Trustee; Curt and Paige Matthes 1.75 340 595.00 615/2009 Financial Development Prep Paige re: uselrestrictions on pre -1977 Pension Funds Matthes 0.25 340 85.00 6/8/2009 Teleconferences Kathryn Horan, S Curt Coonrod and Paige re: pre -1977 Pension funds Matthes 0.50 340 170.00 6/1512009 Teleconferences Bruce Donaldson, rating agencies Matthes 0.50 340 170.00 6/16/2009 Disclosure Documents Prep discuss "material event notice" of Surety downgrade and technical default with Susan; email farm to Bruce; City financial audits to MBIA; email to bond rating agencies Matthes 1.00 340 340.00 6118/2009 Teleconferences discuss w/ Bruce and Susan re: coordination with June 30 Cont. Disclosure and Diana Cordray Matthes 0.50 340 170.00 6/1812009 Financial Development Prep COIT Summary for S &P Dickman 0.50 160 80.00 6/1812009 Umbaugh Reports Prep COIT Revenue and Debt Comparison Report to S &P related to 2004 Lease Bonds and DSRF Surety. Matthes 1.00 340 340.00 6/18/2009 Disclosure Documents Review Clark 0.25 200 50.00 6/18/2009 Legal Documents B &T letter and MBIA letter re: DSR Surety; Material Events (ME) Notice; Matthes 1.00 340 340.00 6/23/2009 Correspondence Clark 0.25 200 50.00 6/23/2009 Teleconferences Bruce D. re: Trustee Counsel questions, changes, MBIA, etc. Matthes 0.50 340 170.00 6/24/2009 Correspondence email Diana Cordray delay ME per Trustee, Bruce, etc. Matthes 0.25 340 85.00 6/24/2009 Teleconferences Bruce D. re: Trustee Counsel, MBIA indemnification, timing, delay ME, notify C -T, etc. Matthes 0.50 340 170.00 6/24/2009 Disclosure Documents Review discuss w/ Kim delay ME per Trustee, Bruce, etc. Matthes 025 340 85.00 7113/2009 Teleconferences Bruce Donaldson Matthes 0.25 340 85.00 7/16/2009 Teleconferences Bruce Donaldson Matthes 0.25 340 85.00 7/27/2009 Correspondence emails from BNYMellon- Trustee, National (MBIA), Bruce Matthes 0.25 340 85.00 7/29/2009 Correspondence more emails from Trustee, Bruce, Mayor, MBIA National Matthes 0.50 340 170.00 8/6/2009 Teleconferences Bruce Donaldson Matthes 0.25 340 85.00 811112009 Correspondence more emails...Bruce D. w/ BNY- Mellon attorney, MBIAINational, Mayor Brainard, LMM, etc. Matthes 0.50 340 170.00 8/14/2009 Teleconferences Bruce D. re: discussion /w Faith Berning and Bob Bailey -BNY Matthes 0.25 340 85.00 9/1/2009 Correspondence emails and follow -up re: material event notice filing w/ EMMA for the surety downgrade w/ Kim, Diana, Bruce and Mayor additional explanation to be provided to Diana Matthes 1.00 340 340.00 9/1/2009 Teleconferences diana cordray Matthes 0.25 340 85.00 9/3/2009 Teleconferences call from H. Royce, National City Bank re: bondholder questions re: Trustee default notice re: surety; Matthes 0.50 340 170.00 9/8/2009 Correspondence email Bruce and Diana Matthes 0.25 340 85.00 918/2009 Teleconferences Bruce Donaldson Matthes 0.25 340 85.00 9110/2009 Teleconferences Diana Cordray; City Securities bondholder questions /concerns re: default notice Matthes 0.50 340 170.00 9110/2009 Disclosure Documents Review Clark 0.50 200 100.00 9/16/2009 Correspondence emails to Moody's and City re: broker /bondholder questions regarding BNY Default Notice, correspondence and info to Moodys, etc. Matthes 3.00 340 1,020.00 9116/2009 Teleconferences call BNYMellon- Trustee re: bondholder questions; Bernardi Securities; Goldman Sachs Matthes 1 .00 340 340.00 9/1612009 Financial Development Prep Prepare revised COIT and Debt Comparison schedule and transmittal letter for Moody's Matthes 1.00 340 340.00 9/16/2009 Disclosure Documents Review Clark 0.50 200 100.00 9/17Y2009 Teleconferences Luci Snyder,Diana, Karen Franklin -BNY, Susan, Broker, etc. Matthes 1.00 340 340.00 9117/2009 Disclosure Documents Review Clark 0.50 200 100.00 10/1/2009 Correspondence respond to email questions from Bond investor.com regarding DS Surety, COIT info, outstanding and proposed debt, etc., and send 9/16109 report Matthes 1.00 340 340.00 10/2/2009 Teleconferences discuss potential buy back, etc. wl Todd K. from Mesirow Matthes 0.25 340 85.00 Current Amount Due 14,245.00 Prescribed by State Board of Accounts City Form No. 201 (Rev. 1995) ACCOUNTS PAYABLE VOUCHER CITY OF CARMEL An invoice or bill to be properly itemized must show: kind of service, where performed, dates service rendered, by whom, rates per day, number of hours, rate per hour, number of units, price per unit, etc. Payee uv bko 50 n eS Purchase Order No. 8 ��5 Keys }one Crosslti9 Suite 34�_. PD Bq, 'J0 Terms Date Due Invoice Invoice Description Amount Date Number (or note attached invoice(s) or bill(s)) 0 12U63 orb r c� 5 Total 1 I hereby certify that the attached invoice(s), or bill(s), is (are) true and correct and I have audited same in accordance with IC 5- 11- 10 -1.6. 20 Clerk- Treasurer VOUCHER NO. WARRANT NO. A ii-- ALLOWED 20 um mj� s oci A+es IN SUM OF 8 545 ke�SjUne tro�;51h j ,Surfe 300 Fo kx 4o tSg 1'� 2 sAoa ACCOUNT OF APPROPRIATION FOR L. 102 N) 40 000 Board Members PO# or DEPT INVOICE NO. ACCT #/TITLE AMOUNT I hereby certify that the attached invoice(s), or LO L q 3l ma kq 245-to bill(s) is (are) true and correct and that the materials or services itemized thereon for which charge is made were ordered and received except /O p 3-- 5 2016 ignature �;10 meat n1r ri off an It e Cost distribution ledger classification if claim paid motor vehicle highway fund