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underwriter, underwriter's counsel, and financial institu- tions; drafting of all resolutions, notices, and other doc- uments required: (a) for the establishment of the City's residential rehabilitation program, (b) for the authoriza- tion and issuance of the bonds; and (c) for the implementa- tion of the City's residential rehabilitation program; examination of the transcript of the proceedings and of the official statement; and issuance of a legal approving opinion to the purchasers of the bonds. Section 3. Bond Counsel's fee for the aforesaid legal services will be based upon the amount of bonds authorized and sold in accordance with the Total Amount of Bonds Authorized $10 million or less In excess of $10 million following schedule: Fee .4 of 1%, but in no event less than $20,000 $40,000 plus .2 of 1% of the excess over $10 million Said fee shall be payable from the proceeds of the bond sale. In the event that bonds are not issued Bond Counsel will be paid a reasonable fee, to be mutually agreed upon, based upon the hourly rates of the attorneys in the firm undertaking the work prior to abandonment. In addition to the above fees, Bond Counsel will be reimbursed for all out- of-pocket expenses incurred in connection with long distance telephone calls, telegrams, outside messenger service, travel at the request of the City outside of Southern Cal- ifornia, and similar items. In the event that the under- writer or successful bidder for the bond requests that a supplemental legal approving opinion be provided by the City (except underwriter's counsel), the aforesaid fee will be reduced by an amount equivalent to one-third thereof. Section 4. It is understood that the aforesaid fee -2-