Bond counsel and underwriter contracts bypassed council approval
Summary
Councilor Carlin revealed the administration paid $55,000 to bond counsel Karen Grandy and $136,000 to underwriters (Raymond James/Wells Fargo) without ever bringing the contracts before the council. The city manager admitted the practice was long-standing, accepted the criticism, and promised to change the process for next year's issuance.
At a glance
- Total mentions
- 1
- Last 30 days
- 0
Last discussed May 19, 2026.
Impact analysis
$191,000 in bond-related fees were paid without council sign-off; the $36 million April borrowing carries a $3.6 million premium used to reduce the borrowing to $32 million.
The city received professional bond services and a successful sale, but oversight advocates say transparency benefits all taxpayers.
Taxpayers lost a layer of council oversight over six-figure payments to Wall Street firms.
Mentions & discussions (1)
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