Background/Purpose of Request:
In November 2016, voters approved a referendum for the issuance of $152 million in general obligation bonds. These bonds are being issued in three (3) phases to construct, improve and renovate school facilities. Phase three (3) of the GO bonds will be issued June/July 2022 in the amount of $51,500,000 inclusive of all financing costs.
It is highly recommended to have a financial advisor in place due to the Municipal Advisor rule not allowing underwriters and lawyers the ability to provide non-legal or non-deal-specific advice without registering as a Municipal Advisor and particularly with a competitively-placed general obligation bond.
On January 18, 2022, the Board of Commissioners approved an agreement with Stifel, Nicolaus & Company, Inc. to provide financial advisory services for the upcoming phase three (3) general obligation bond issue of $51,500,000. Stifel, Nicolaus & Company, Inc. has decided to no longer provide municipal financial advisory services and the County has agreed to terminate the financial advisory agreement.
Davenport Public Finance has agreed to provide the same financial services for upcoming phase three (3) general obligation bond issue with a total fee of $30,000 to include all out of pocket expenses. |