Public Trust

Bond Sale Methods

As of 12/20/2011, it seems the district is resigned to use Mr Borg's hand-picked, preferred broker without any attempt to see what the market has to offer.  Aside from giving the only ship on the sea carte blanche on terms and pricing, it will be interesting to see which methodology is utilized; competitive or negotiated.

FWIW:

{As set forth in "An Elected Official's Guide to Government Finance," the Government Finance Officers Association recommends the use of competitive sales whenever feasible. In the June 1990 edition of "Government Finance Review", the manager for the Government Finance Officers Association's Research Center, suggests that the finance officer's responsibility to safeguard the public trust becomes more acute when negotiation is selected. In a negotiated sale, the inherent protection afforded by open competition is absent. The issuer must take an active role in determining the underwriter's compensation, participate in the development of a comprehensive marketing plan, and monitor market conditions to assure that the true interest cost is an accurate reflection of the existing yield curve for similar securities.}

That nasty word, "competitive" just keeps poping up everywhere, huh, Mr. Borg?

Great News!

The district decides to interview multiple construction managers to oversee this $30,000,000 project!!!