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Board hears recommendation to hire Piper Sandler as bond underwriter; fees, remaining bond amount discussed
Summary
Staff reported three RFQ responses for the district's remaining bond authorization and said the selection committee unanimously recommended Piper Sandler; staff estimated 0.7% underwriting fee applied to about $11.295 million remaining to sell (approx. $79,065).
Staff told the board they issued an RFQ for a bond underwriter tied to remaining bond authorization and received submissions from three firms; the selection committee — consisting of two board members, two building leaders and executive leadership — unanimously recommended Piper Sandler. The staff estimate for underwriting services was quoted at 0.7% of principal; with roughly $11,295,000 left to sell, staff calculated an underwriting fee of about $79,065 to come out of bond proceeds at closing.
The board discussed the selection and the expected timing for sales. The staff member presenting noted past underwriter fees ranged from about 0.65% to 0.8% and described the 0.7% figure as consistent with recent transactions. No final vote on awarding the contract was recorded in the transcript excerpt provided.
