Lexington-Fayette Urban County Government, Kentucky, uses GFOA YieldAdvantage
September 15, 2005Pittsburgh, PA (September 15, 2005) — Lexington-Fayette Urban County Government, Kentucky placed a $4 million investment using GFOA YieldAdvantage, an Internet auction website offered by the Government Finance Officers Association. Using the GFOA YieldAdvantagewebsite, state and local governments are able to solicit bids and exchange settlement information easily and efficiently via the Internet. The four – $1 million transactions – ranged from 90 to 545 days and were “sealed” solicitations, in which eleven banks and broker-dealers submitted offers of open market securities consisting of CDs, treasuries and agencies.
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).