$143.58 Error: Banc of America Faces 2-Year Ban in Jacksonville

Sigo, Shelly
June 2003
Bond Buyer;6/30/2003, Vol. 345 Issue 31667, p1
Trade Publication
Banc of America Securities withdrew from its role as lead manager on a $125 million bond deal for Baptist Medical Center in Jacksonville after it was discovered that a municipal banker working on the deal had made two political contributions totaling $143.58 that violated the Municipal Securities Rulemaking Board's rule G-37. The violations came to light after Jacksonville's May 13 City Council elections. The deal, initially scheduled for early June, ultimately closed June 17. Banc of America's withdrawal was first reported in the Business Journal of Jacksonville earlier this month. Banc of America officials said the contributions triggered the rule's required two-year ban on underwriting for the city of Jacksonville and city entities such as the authority after discovering the mistake following the City Council elections.


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