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Financial advisers stress competition and clarify advisor vs. underwriter roles to Dodge County commissioners
Summary
Davenport Financial advisers Ricardo Cornejo and Courtney Rogers told the board they act as fiduciaries for the county when seeking bond financing, urging competition among banks and the public market and distinguishing their duties from those of underwriters.
Ricardo Cornejo and Courtney Rogers of Davenport Financial briefed the board on their role as financial advisers and fiduciaries representing the county's interests in securing capital financing.
They emphasized the importance of soliciting competition among banks and considering the public market to obtain competitive interest rates. The advisers described services they provide, including capital funding strategies, credit rating guidance and policy development to support the county's financing decisions.
Cornejo and Rogers also clarified the distinction between a financial adviser and an underwriter, noting that underwriters serve two masters (issuers and investors) and therefore have different incentives than an adviser whose duty is to the issuer.
No specific financing plan or bond issuance timetable was presented; the advisers outlined general approaches for the county to consider as it explores capital funding options.
