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Hannibal 60 board moves to end Piper Sandler agreement, to engage LJ Hart
Summary
The board voted to terminate its financial-services agreement with Piper Sandler and to engage LJ Hart for underwriting and tax-rate advice; the voice vote included at least one opposition.
The board moved to terminate the district's financial-services agreement with Piper Sandler and to re-engage LJ Hart for financial-advisory and underwriting services.
Staff recommended providing 30 days' written notice to Piper Sandler so termination would take effect June 30, 2026, contingent on completion of disclosures and payment of outstanding fees. The staff presentation cited service problems and turnover at Piper Sandler and said using LJ Hart would save money on a $75,000 annual advisory fee while providing expertise for bond language and tax-rate review.
Board discussion: Members described inconsistent service under the current advisor, and one board member noted the district had previously relied on LJ Hart without paying a recurring advisory fee for day-to-day budget support. A motion to terminate Piper Sandler and approve LJ Hart as the district's advisor was made, seconded and approved by voice vote with one member recorded as "opposed." The transcript does not record the names of the motion maker or the seconder.
Why it matters: Financial-advisor relationships affect bond underwriting, ballot-language drafting and complex tax-rate calculations. Staff said LJ Hart will assist with tax-rate review at the August meeting and with ballot-language preparations tied to the district's proposed August proposition.
Next steps: Staff will provide the 30-day written notice to Piper Sandler, coordinate transition tasks with LJ Hart and report back on any carryover obligations before June 30.
