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Does D-150 have a conflict of interest?

Does D-150 have a conflict of interest?

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by: Byron Active Indicator LED Icon 2 OP 
~ 7 years ago   Dec 1, '16 8:08pm  
Conflict of interest?
 
D-150 at its last board meeting approved Stifel, Nicolaus & Co. to manage $50 million in bond sales from the recently approved School Facilities Sales Tax. Nicolaus contributed $6,933 to Friends of Peoria County Schools who persuaded voters to approve a 1/2% sales tax increase.
 
As noted in PJS, no other bids were sought. If Nicolaus has such great expertise, why not put them up to competition? Did their contribution influence the decision to not seek other bids?
 
www.pjstar.com/news/ 20161121/pps-oks-bon d-underwriter-to-sel l-50-million-in

illinoissunshine.org /committees/25734/
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EyeintheSky Active Indicator LED Icon 9
~ 7 years ago   Dec 1, '16 8:46pm  
@Byron What you forget what state you live in. This is NORMAL nothing to see here move along "citizen".
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QuispNQuake Active Indicator LED Icon 8
~ 7 years ago   Dec 2, '16 8:45am  
Did their contribution influence the decision to not seek other bids?
 
@Byron : SSHHHHHHHHH!! You're not supposed to notice these things!!
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VonsterPeo Active Indicator LED Icon 8
~ 7 years ago   Dec 2, '16 8:49am  
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joepyeweed Active Indicator LED Icon 15
~ 7 years ago   Dec 2, '16 9:16am  
I do find it odd that they would not get multiple proposals for this work.
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kraziebill Active Indicator LED Icon 13
~ 7 years ago   Dec 2, '16 9:56am  
This is not something new. This kind of thing happens all the time. The bad thing is the voters who approved it essentially allowed/encouraged it.
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QuispNQuake Active Indicator LED Icon 8
~ 7 years ago   Dec 2, '16 10:38am  
I do find it odd that they would not get multiple proposals for this work.
 
@joepyeweed : Oh please! No you don't! **chuckle**
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QuispNQuake Active Indicator LED Icon 8
~ 7 years ago   Dec 2, '16 10:40am  
The bad thing is the voters who approved it essentially allowed/encouraged it.
 
@kraziebill : How so???
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kraziebill Active Indicator LED Icon 13
~ 7 years ago   Dec 2, '16 11:26am  
Just my opinion....
 
I see a lot of "wasteful spending" and feel there seems to be room for improvements which would save money that could be used for buildings or whatever.
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Byron Active Indicator LED Icon 2 OP 
~ 7 years ago   Dec 2, '16 2:04pm  
@joepyeweed Why would you find it odd? Nicholas contributed close to 7K to help pass the tax what is going to fund the bonds. So did this contribution help them gain this no bid contract?
 
My hope is enough D-150 taxpayers (I do not live in 150) show up at the next board meeting and respectfully demand competitive bids.
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joepyeweed Active Indicator LED Icon 15
~ 7 years ago   Dec 5, '16 8:53am  
Well technically one does not "competitively bid" professional services such as legal, architectural or banking services. But there is a quality based selection procurement process for those type of services, where multiple firms submit their qualifications, the selection is based upon that qualification, then they negotiate fee for service. Had the school district already gone through this process for other bonds and selected this firm that way?
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Byron Active Indicator LED Icon 2 OP 
~ 7 years ago   Dec 5, '16 9:57am  
Had the school district already gone through this process for other bonds and selected this firm that way?

@joepyeweed :
I believe for other bonds a lot of the issuance of these has been through the Public Building Commission (PBC). So I am not sure if they had to use a bond underwriter.
 
Keep in mind there first has to be a feasibility study first before bonds are issued. I fail to see why the district can not seek other financial firms while the study is being completed.
 
The bigger point is that 150 should compare Nicholas with other firms for expertise and to see if they can save some taxpayer dough. When's the last time that PPS has had a budget in the black?
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Byron Active Indicator LED Icon 2 OP 
~ 7 years ago   Dec 5, '16 5:29pm  
Contact info for District 150 board members. The next regular board meeting is scheduled for Dec. 12th.
 
www.peoriapublicscho ols.org/Page/578
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Byron Active Indicator LED Icon 2 OP 
~ 7 years ago   Dec 12, '16 9:35am  
District 150 Board meeting tomorrow night at 6:30. Ask them to consider other financial firms besides Nicholas.
 
It is possible that some board members may not know about Nicholas contribution. However I do think some of the board and administration do know.
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joepyeweed Active Indicator LED Icon 15
~ 7 years ago   Dec 12, '16 10:06am  
Board members may not know about Nicholas contribution.

@Byron :
 
So if they don't know about the contribution, then where is the conflict of interest?
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Byron Active Indicator LED Icon 2 OP 
~ 7 years ago   Dec 12, '16 5:07pm  
I do think most of the board and all of administration do know about the contribution and are ignoring the "Conflict of Interest." Evening if some don't they should seek other firms to avoid the C.O.I. appearance and for financial reasons.
 
I can't come up with a reason to not seek competing proposals from firms who are in this business. Remember they must do a feasibility study first before issuing the bonds.
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