Springfield Public Schools No. 19, Oregon placed a $500,000 investment using GFOA YieldAdvantage, a new 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 YieldAdvantage website, state and local governments are able to solicit bids and exchange settlement information easily and efficiently via the Internet. The $500,000 transaction was a "sealed" solicitation in which four banks and broker-dealers submitted quotes for 6-month agency securities.
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).
About the Government Finance Officers Association
The GFOA is the premier professional association in public finance, serving the needs of more than 15,000 governments in the United States and Canada. Established in 1906, GFOA is the main vehicle for recommended financial management practices that guide the state and local public sector. GFOA provides training programs, a wide range of publications and periodicals, renowned awards programs, and consulting services. For more information, visit the GFOA Website at www.gfoa.org.