Pittsburgh, PA (April 20, 2005) — Davenport Community School District, Iowa placed a $15 million investment using GFOA YieldAdvantage, an Internet auction website offered by the Government Finance Officers Association. Traditionally, government entities and school districts solicit bids from banks and broker-dealers via phone. Using the GFOA YieldAdvantagewebsite, state and local governments are able to solicit bids easily and efficiently from a larger number of banks via the Internet and to conduct an on-line auction in which these banks bid against each other for the deposit. Davenport CSD was interested in investing $10 million in a 71 day CD and another $5 million in a 100 day CD. They received a total of 18 bids from 3 banks.
In December 2003, the GFOA entered into an alliance with Grant Street Group, a fixed income Internet auction house and parent of MuniAuction, to create the GFOA YieldAdvantage website (www.gfoayield.com).