WASHINGTON — FirstSouthwest is protesting against "restrictive" conditions included in a request for qualifications issued by the Greater Texoma Utility Authority in Texas, which said it will only consider proposals from a financial advisor that is independent from a broker-dealer.

The authority sought bids for various services related to a planned offering to fund water system improvements. The authority's board decided to require an FA that is independent from a broker-dealer firm because it thought it would be advantageous to do so and it was in line with one of the Government Finance Officers Association's best practice documents, said Jerry Chapman, consulting general manager at GTUA.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.