Neighborly welcomes your Municipal Advisor (MA) to the process, although as with any issuance, it is not required. We cannot recommend the use of a MA but acknowledge that they are an often-used resource for municipalities.
If selected, our role is not that of a municipal advisor, but rather that of a broker/dealer. In providing this information to a municipal entity or obligated person, Neighborly is not recommending an action, acting as an advisor, and does not owe a fiduciary duty to an issuer under Section 15B of the Exchange Act with respect to this information.
Neighborly is acting for its own interests as a broker/dealer, and any recipient may wish to discuss this information with their advisors before acting on this information. Securities are offered through Neighborly Securities a member of SIPC and FINRA. Neighborly may own, buy, or sell these securities. Additional information at neighborly.com/terms. In the case that an issuer has an outstanding Independent Registered Municipal Advisor (IRMA) letter, that can be delivered to Neighborly and Neighborly can conduct underwriting work with this exemption in mind.