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Riverside Local board approves Stifel Nicholaus as underwriter, rescinds prior COP resolution after municipal adviser resigns
Summary
The Riverside Local School District Board voted to engage Stifel Nicholaus for planned certificates of participation and to remove a prior underwriter designation, after Sustain and Associates resigned as municipal adviser and board members disputed why RBC Capital Markets was replaced. The finance actions passed in split votes; the rescission passed unanimously.
The Riverside Local School District Board of Education voted to engage Stifel Nicholaus to handle municipal securities transactions for certificates of participation and tax anticipation notes and to remove a prior underwriter designation after the district's municipal adviser resigned.
Miss Grassi read the resolution to engage Stifel Nicholaus and members debated replacing RBC Capital Markets at a late stage in the financing process. Miss Grassi asked, "Why are we being asked to change at this late juncture?" and repeatedly sought a clear explanation for moving work away from RBC Capital Markets. In response, another board member said the deal "got blown up" and the district was moving in a different direction following the adviser resignation.
A resignation letter from Sustain and Associates, read to the…
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