Lucas County commissioners on Aug. 12 approved an amendment to an agreement with Stifel, Nicolaus & Company to clarify the firm’s role after a transition from acting as underwriter to also providing municipal advisory services.

John Wenzlik of the Office of Management and Budget told commissioners the county has a long-standing relationship with Stifel that began in 2009. He said the board requested Stifel transition from serving only as an underwriter to providing municipal advisory services beginning with a transition period in 2025 and into 2026.

Wenzlik and others said an elected official had informally expressed concerns about potential conflicts in the combined roles. In response, the county asked the county prosecutor to review the contract language. A county legal representative stated they reviewed applicable federal and municipal rules cited in the meeting (including municipal securities rulemaking board guidance) and concluded the original contract complied with applicable rules; the proposed amendment removes language that would have the firm act as both underwriter and municipal advisor for the same securities to eliminate perceived conflicts.

County Administrator Jessica Ford and OMB staff said the amendment is intended to make the relationship transparent and to continue the county’s working relationship with Stifel. At the request of Commissioner Lopez, John Borrello (present at the meeting) went to the podium to clarify and the county prosecutor summarized their legal review. Commissioner Lopez moved approval; the clerk recorded affirmative votes and the motion passed.

The agenda also included items to appropriate funds for economic development and to advertise for qualifications for bond underwriting services; commissioners approved those procedural items as well.