July 19, 2013 at 4:00 PM - Superintendent's Weekly Update to the Board of Education

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Mary:
 
Good talking to you yesterday.  In summarizing our conversation on the concern raised by one or more school board members, I wanted to follow-up with additional information.
 
Springsted does not have a conflict of interest when working with our financial advisory clients for the following key reasons:

1.  We are an independent financial advisor – this means, unlike some advisors, that we never purchase our clients’ bonds.  So we do not profit from the sale and resale of bonds in the secondary market.  We advise our clients on the sale of their bonds, in collaboration with legal counsel, but never buy them or own them.  Our only responsibility is to help our clients get the lowest cost possible in the sale of their bonds.

2.  Our referendum planning services or facility planning services are totally separate from our public finance services, and offered to our clients as needed under our Management and Consulting Services Division.  The pricing for these services is separate from and unrelated to our public finance work.

3.  When I am doing onsite consulting work helping our financial advisory clients plan and execute a bond referendum, I do not charge a fee for my time.

Hope that helps.

Don

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Please find attached the weekly bills for your approval.