Cook County Forest Preserve District, Illinois placed a $3.2 million investment using GFOA YieldAdvantage, an Internet auction website offered by the Government Finance Officers Association. Using the GFOA YieldAdvantage website, state and local governments are able to solicit bids and exchange settlement information easily and efficiently via the Internet. The $3.2 million, 91-day, transaction was a "sealed" solicitation in which thirteen banks and broker-dealers submitted offers of agency securities, with Harris Nesbitt winning the award with a yield of 3.76%.
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).