It is the recommendaiton of our Financial Advisor that we sell the upcoming issuance of the remainder of the 2012 bond for capital facilities using a negotiated sale. This means that we select an underwriter and sell the bonds directly to that underwriter. It is believed that, given the volatility of the market, combined with our desire to tightly structure repayment so we can meet the targets proposed to voters, that a negotiated sale is prefered.
Piper Jaffray is being recommended for appointment as underwriter. This recommendation is made following a review of several proposals which were submitted to our Financial Advisor, Mark Prussing; Stacy Brown, and myself. Attached is their propoal. We have negotiated a fee that is $3.15; 35 cents lower than proposed.
Administrative Recommendation/MOTION/ "I move we approve Piper Jaffray as the underwriter for the upcoming sale of bonds."