Arkansas Exempts Stephens From Ban on FA School-Bond Bids

Albanese, Elizabeth
May 2003
Bond Buyer;5/14/2003, Vol. 344 Issue 31635, p3
Trade Publication
Little Rock-based Stephens Inc. received an exemption in April 2003 from an Arkansas law that prohibits firms, which acts as financial adviser to school districts, from bidding on their bonds. The firm serves as financial adviser to about 70 percent of Arkansas' 310 school districts. The firm urged the Arkansas Securities Commissioner for a private-letter ruling exempting them from the state's Rule 308.01. The commission's exemption for Stephens Inc. expires on December 31, 2003. Many districts had adopted the practice of using surplus debt service mills for operations.


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