Exhibit (K)
CONSULTING AGREEMENT
CONSULTING AGREEMENT dated October 14, 1988 between The Dreyfus
Corporation ("Dreyfus") and PaineWebber Incorporated ("PaineWebber").
In consideration of the mutual terms and conditions set forth below,
the parties hereto agree as follows:
1. Dreyfus hereby engages PaineWebber to provide consultation services
to Dreyfus in its capacity as manager of Dreyfus Municipal Income, Inc. (the
"Fund"), a Maryland corporation registered with the Securities and Exchange
Commission (the "SEC") as a non-diversified, closed-end management investment
company.
2. PaineWebber hereby accepts such engagement and agrees to provide
Dreyfus during the term of this Agreement with the following consultation
services: not less often than monthly, a written report providing statistical,
economic, financial and fixed income market information with respect to the
Fund's market performance and general economic and interest rate conditions in
the United States; not less often than monthly, a written report regarding
trends in interest rates; not less often than monthly, a written report
detailing the relationship of the market price of the common stock of the Fund
and other closed-end investment companies to (i) the net asset value of such
stock, (ii) the distribution rate of the fund and such other companies, (iii)
various market indices and (iv) other performance indicators; upon request by
Dreyfus, a written report regarding any issuer tender offers or stock repurchase
programs effectuated by the Fund or any other closed-end investment companies;
upon reasonable request by Dreyfus, personal consultations with representatives
of Dreyfus or directors of the Fund regarding the foregoing reports; and upon
reasonable request by Dreyfus, personal consultations with representatives of
Dreyfus or directors of the fund regarding economic, fixed income market or
interest rate trends and the markets for the Fund's shares.
3. Dreyfus will pay PaineWebber $42,638.00 per quarter for the
consulting services provided hereunder. Payment will be made quarterly in
arrears on each September 30, December 31, March 31 and June 30 during the term
hereof and shall be prorated, if appropriate, on the basis of the actual number
of days during the first and last months hereof.
4. Dreyfus acknowledges that the consulting services of PaineWebber
provided for hereunder do not include any advice as to the value of securities
or regarding the advisability of purchasing or selling any securities.
5. The terms of this Agreement shall commence after approval by the
Fund's Board of Directors and shall be for a period of one year and shall
thereafter continue for successive one year periods unless one party to this
Agreement gives to the other party at least 60 days prior to the next
anniversary hereof written notice of intention to terminate, in which case this
Agreement shall terminate on the date specified in such notice or such
anniversary, whichever is later.
6. This Agreement shall be construed in accordance with the laws of
the State of New York for contracts to be performed entirely therein and without
regard to the choice of law principles thereof.
7. All notices required or permitted to be sent under this Agreement
shall be sent, if to PaineWebber:
PaineWebber Incorporated
1285 Avenue of the Americas
Xxx Xxxx, Xxx Xxxx 00000
Attention: ________________
or if to Dreyfus:
The Dreyfus Corporation
000 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: General Counsel
or such other name or address as may be given in writing to the other party. Any
notice shall be deemed to be given or received on the third day after deposit in
the U.S. mails with certified postage prepaid or when actually received,
whichever is earlier.
IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement.
The Dreyfus Corporation
By: /S/ XXXXXX X. XXXXXXXXX
-----------------------------
Name: Xxxxxx X. XxXxxxxxx
Title: Chief Operating Officer
PaineWebber Incorporated
By: /S/ XXXXXXX X. XXXXXXXX
-------------------------------
Name: Xxxxxxx X. Xxxxxxxx
Title: Managing Director
