CHICAGO — A report reviewing the Cleveland Municipal School District’s bond practices recommends that it opt for competitive over negotiated bond sales when issuing general obligation debt to ensure the lowest borrowing costs.

But when it comes to issuing direct-payment qualified school construction bonds, it doesn’t matter whether the bonds are sold competitively or negotiated, said Robert Doty, president of Sacramento-based American Governmental Financial Services Inc. and chief author of the report.

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