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Riverside Local board taps Stifel, removes prior underwriter and rescinds earlier certificates resolution
Summary
The Riverside Local School District Board voted to engage Stifel as underwriter, remove a prior underwriter reference to RBC Capital Markets from a previous resolution and rescind a certificates of participation resolution; several trustees raised questions about the municipal adviser’s recent resignation and timing of the change.
The Riverside Local School District Board of Education voted to engage Stifel, Nicholas and Company Incorporated to serve as underwriter for planned municipal securities transactions and to remove a prior reference to RBC Capital Markets from the district’s certificates resolution. The board also rescinded an earlier certificates of participation resolution that had been adopted in October, clearing the way for new financing arrangements.
Board members voted 3–1 to approve the engagement of Stifel and to remove Section 16 (which named RBC as underwriter); the vote to rescind the October certificates of participation resolution was unanimous, 4–0. Speaker 3 (the board clerk taking roll) recorded the votes and noted Miss Grassi voted nay on the Stifel engagement and the…
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