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Boone County board approves municipal advisor and bond counsel to start bond sale process
Summary
On May 1 Boone County approved Spear Financial as municipal advisor (fee based on $7 million sale; $18,000 noted) and engaged Nixon Peabody LLP as bond counsel for a $500 fee to begin issuing bonds to finance capital projects; staff said a public hearing and ordinance will follow as required by state statute.
Boone County’s Committee of the Whole on May 1 authorized the next steps in a planned bond sale to finance capital projects, approving an engagement letter with municipal advisor Spear Financial and hiring Nixon Peabody LLP as bond counsel.
Chairman Carl Johnson read the recommendation that the county retain Spear Financial as municipal advisor; staff said Spear already prepares disclosure statements for the county’s outstanding bonds. The county recorded an $18,000 fee tied to a notional $7,000,000 sale as the basis for the municipal-advisor engagement.
The county also approved a contract with Nixon Peabody LLP to serve as bond attorney for general obligation/alternate revenue source bonds; staff said the recommended bond counsel has worked on the county’s prior sales. The engagement fee was recorded in the meeting materials as $500.
Staff and board members noted that state statute requires the county to pass an ordinance authorizing a bond sale and to hold a public hearing; staff said they will prepare the ordinance, disclosures, and the required hearing schedule. The county will not seek referendum because the issuance fits within statutorily-authorized borrowing limits, staff said.
Ending: Both engagements were approved and staff will proceed with ordinance drafting, required public hearing scheduling and the bond sale process.
