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Board approves hiring D.A. Davidson to administer defeasance for $2,500 fee
Summary
The board voted to retain D.A. Davidson to administer the defeasance of the 2023 general obligation bond and staff said the firm would charge a $2,500 setup and administration fee.
Following approval of the defeasance resolution, the board voted to retain D.A. Davidson to administer the defeasance account. Scott explained the firm "would charge a fee of $2,500 to set up the account and administer it and do all the paperwork," and the board approved the retention by voice vote.
Board members asked whether the fee was upfront or amortized; Scott described it as the cost to administer the work. The retention is an administrative step to implement the previously authorized defeasance and does not change the defeasance amount approved by the board.
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