Due diligence and 2008A bond refunding?

Has Boone County done “due diligence” in the selection of Speer Financial (advisor) and Robert W. Baird Company (broker) in the proposed refunding of Boone County’s 2008A bonds.

(These bonds are going to be refunded at a lower rate, possibly this year)  I sent this email to the Finance subcommittee and County Administration

Courtesy prevented me from raising this question in front of Mr. Mc Canna at last Wednesday’s Finance subcommittee.

I understand that state law considers this to be “professional service” and as such not subjected to a bidding process. However this is a very large expenditure, the commission and profit to these venders may amount to the $10,000’s. As such I think it is only prudent to ask your committee and Mr. Terrinoni, the reason Mr. McCanna was selected and what efforts were made to compare his services and costs to other advisors and brokers.

I would prefer your reply be in writing and be specific as to contacts and approximate dates of interviews or communications with other advisors/brokers and why Mr. McCanna was selected.

Bill Pysson

A reply from the County Administrator:

In the summer of 2008, I along with Chairman Ward and Finance Committee Chair Dave Taylor looked at four possible Financial Advisors for purposes of selling bonds:

Crowe Chizek and Company LLC (John Miller, formerly with RV Norene & Associates)

Ehlers & Associates Inc.

Wells Fargo Public Finance

Speer Financial Inc.

Speer was considered the more qualified of the four due to depth of staffing and experience with municipal bonds.

Hope this answers your questions.

Ken Terrinoni

Based upon the volatile nature of the finance industry since the Great Recession, I question whether fresher research was warranted to insure that Speer Financial is still well qualified.  However because of the urgency due to possible interest rate rise perhaps keeping with Speer is the best decision at this point.  Nonetheless, I believe that the Finance Subcommittee and the County Board should have had a voice in the decision to keep Speer.  Did they?—Bill P

Area community garden applications available today - Rockford, IL - Rockford Register Star

 

WINNEBAGO COUNTY — Applications for participation in the Community Action Gardens program for Winnebago and Boone counties are available.

Interested parties must attend one of the following free meetings: 11 a.m. to 12:30 p.m. or 5:30 to 7 p.m. Feb. 19 at City Plaza, 555 N. Church St., Rockford, or 6:30 to 7:30 p.m. Feb. 21 at Boone County Conservation District, 603 N. Appleton Road, Belvidere.

The program offers residents the opportunity to create neighborhood gardens. The meetings will cover topics including program basics, available financial assistance and gardening education.

For information: 815-967-4034, cyndie.hall@rockfordil.gov.

Click on the following for more details:  Area community garden applications available today - Rockford, IL - Rockford Register Star

Boone County real estate transactions recorded Jan 28-31 | Belvidere Daily Republican

 

Recorded Jan. 28

913 Caswell St., Belvidere, $181,898.32, Judicial Sales Corp. to Secretary of HUD.

1364 Pondview Dr., Belvidere, $130,000, Luis and Lilia Vasquez to Erick and Tania Gasca.

Recorded Jan. 29

101 Bree Dr., Poplar Grove, $100,000, US Dept. of HUD to Tayler Anne Pesava.

115 E. Third St., Belvidere, $30,000, REO, LLC to Stonecrest Income and Opportunity Fund.

Recorded Jan. 30

641 Ruth Circle, Belvidere, $50,000, Federal Home Loan Mortgage Corp. to Estela Camargo.

1747 Pearl St., Belvidere, $66,666, Federal National Mortgage Assoc. to Cecelia Bagnuoolo.

215 Hastings Way SW, Poplar Grove, $47,000, Federal National Mortgage Assoc. to Jessica Diaz and Tracy Duran.

Woodstock Road acreage, $164,400, Openlands Corp. to Boone County Conservation District.

12418 Fire Island Dr., Loves park, $226,600, Des A. Pennington and Nicole Renee Pennington to Thomas Krauel.

216 Ridgestone Trail, Poplar Grove, $120,000, Federal National Mortgage Assoc. to American Homes 4 Rent LP.

121 Cross Dr., Poplar Grove, $128,000, Michael E. Woods and Marcia A. Woods to Mark A. Lynch.

2000 Oakbrook Dr., Belvidere, $60,000, Michael J. Kunz and Trisha C. Kunz to Lucy Bahena.

127 Liverpool Dr. SE, Poplar Grove, $53,000, Kenneth R. Washburn and Karen M. Washburn to Todd L. Wasmund.

Recorded Jan. 31

1324 Perrsons, Belvidere, $120,000, Federal National Mortgage Assoc. to Rodolfo Rodriguez.

12257 Callanish Lane, Loves Park, $219,000, Jacob Osterberg to Wayne W. Ozmina.

14087 Russellville Road, Capron, $84,000, Federal National Mortgage Assoc. to Dann Harris Jr. and Sarah Harris.

1206 Eighth Ave., Belvidere, $43,000, Federal National Mortgage Assoc. to Steinbis Properties, LLC.

Boone County real estate transactions recorded Jan 28-31 | Belvidere Daily Republican

County Democrats gather for a chili supper, some politicking | Belvidere Daily Republican

Written by Bob Balgemann

Incumbent township Assessor Diann Helnore was one of those organizing the meet and greet. She’s being opposed by her chief deputy assessor, Republican Tami Torrance.

“I have kept all of my promises,” she told the group. “I worked every day; I viewed every property.”

In addition, millions of dollars in unlisted property was found throughout the township, meaning a lot of additional tax revenue. “We found airport hangars, garages, swimming pools, additions and the list goes on,” she said. “I expect to find $10 million this year.”

Click on the following for more details:  County Democrats gather for a chili supper, some politicking | Belvidere Daily Republican

Workers at Chrysler supplier stage walkout - Rockford, IL - Rockford Register Star

By Alex Gary

Nearly 100 workers at Ventra Belvidere LLC walked off the job Wednesday to protest lack of progress on a labor deal.

The workers are represented by United Auto Workers Local 1268, which represents most workers at the Chrysler Group LLC and several of its suppliers. Ventra Belvidere LLC is owned by Flex-N-Gate of Urbana, a $3 billion supplier to all of the major automakers

Click on the following for more details; Workers at Chrysler supplier stage walkout - Rockford, IL - Rockford Register Star