Groves council votes to retain RBC Capital Markets as municipal adviser

The Groves City Council voted unanimously on July 28 to retain RBC Capital Markets LLC as the city’s municipal adviser for municipal securities and loans.

Dusty Trailer, managing director at RBC Capital Markets, told the council the firm views the role as an ongoing partnership and is available to advise on financing needs. “We look at our financial advisory business as an ongoing partnership,” Trailer said. He added that the firm’s fee is typically paid from bond proceeds when a bond transaction closes and that there is no initial retainer.

City staff explained the fee schedule in the RBC proposal; the fee is calculated as a percentage based on the size of a bond issue and is typically paid from proceeds at closing. Council members asked about the difference between the city’s historic advisers and RBC; staff said private placements historically incurred lower fees, and the RBC schedule is competitive for public issues.

The motion to retain RBC passed on a voice and roll‑call vote with Mayor Chris Moore and council members recorded as voting aye.