Augusta, Maine, Deal Goes Strictly by the Book

Whalen, Robert
May 2006
Bond Buyer;5/26/2006, Vol. 356 Issue 32390, p1
Trade Publication
The article reports on a controversy regarding the competitive bond sale by the city of Augusta, Maine. The city had allowed interested bidders to deliver their offers by hand or send them through facsimile machine. The finance team determined that a syndicate led by Morgan Stanley had submitted the winning bid, offering a true interest cost of 4.39 percent. After the bid was decided, it was found that a bid faxed by LaSalle Financial Services reached a bit late due to the malfunctioning of fax machine. Incidentally, that was the bid that would have delivered the city the lowest interest rates.


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