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Board picks Raymond James as new municipal bond adviser; vote 5‑1
Summary
Trustees approved administration’s recommendation to change the district’s municipal bond adviser to Raymond James after reviewing three bids; the vote was 5‑1.
The St. Joseph School District Board of Education voted 5‑1 to accept the administration’s recommendation to change the district’s municipal bond adviser to Raymond James for fiscal year 2025‑26.
Administrators presented a tabulation of three firms that responded to the district request: LJ Hart (the incumbent), Raymond James and Stifel. The materials included fee comparisons and experience notes. The tabulation listed LJ Hart’s annual retainer at $15,000; for an illustrative $80 million, no‑tax‑increase general obligation bond the administration showed a quoted underwriting fee of $40,000 from Raymond James and $50,000 from Stifel and LJ Hart.
The administration noted that Raymond James’ directors include former regional superintendents and that Raymond James ranks seventh nationally in bond sales; Stifel ranks eighth. LJ Hart was described as recently acquired by Commerce Bank.
Board members asked clarifying questions about the fee schedule and the process; administrators said the next administrative team had input on the recommendation. The motion passed on a roll call vote with Miss Lanning casting the sole “no.” The board recorded the vote as: Miss Williams — yes; Miss Miller — yes; Miss Chesney — yes; Miss Kearns — yes; Miss Lanning — no; Mister Moore — yes.
Administration said the change would take effect beginning the 2025‑26 fiscal year.
