The Riverside Local School District Board of Education voted to engage Stifel Nicholaus to handle municipal securities transactions for certificates of participation and tax anticipation notes and to remove a prior underwriter designation after the district's municipal adviser resigned.

Miss Grassi read the resolution to engage Stifel Nicholaus and members debated replacing RBC Capital Markets at a late stage in the financing process. Miss Grassi asked, "Why are we being asked to change at this late juncture?" and repeatedly sought a clear explanation for moving work away from RBC Capital Markets. In response, another board member said the deal "got blown up" and the district was moving in a different direction following the adviser resignation.

A resignation letter from Sustain and Associates, read to the board, said the firm had concluded the proposed certificates of participation and tax anticipation notes "may not be in the district's best interest" and that Sustain and Associates was resigning as municipal adviser. The letter was dated Wednesday, November 12.

Board members discussed the practical consequences of proceeding without a municipal adviser, including who would analyze market timing, evaluate debt capacity, structure the issuance, coordinate with bond counsel and rating agencies, and review underwriting proposals. One board member noted an engagement letter with Stifel had been uploaded to BoardDocs; board staff said Stifel would handle the underwriting responsibilities the district needs.

On the separate roll call for the motion to engage Stifel Nicholaus, the vote was 3–1 with Mister Fischel and Mister Keeney and Miss Brewster voting Aye and Miss Grassi voting Nay. The board then voted 3–1 to remove Section 16 of the certificates of participation resolution, which had named RBC Capital Markets. Later, the board unanimously voted 4–0 to rescind the certificates of participation resolution passed on 10/16/2025, reflecting a broader reset of the district's financing posture.

Trustees and staff repeatedly raised concerns about timing, transparency, and risk: one member said the district had previously been presented as asking for $12,000,000 and that discussions later contemplated $15,000,000 in total financing (an additional $3,000,000). Members who questioned the changes asked the board to identify who would assume municipal-adviser responsibilities if the district proceeded without a municipal adviser.

The board's actions do not themselves close the financing plan: they authorize a new underwriter engagement and remove prior designations. Board members said they had an engagement letter for Stifel available in BoardDocs and that bond counsel (Tom Wilson) had indicated willingness to continue as bond counsel regardless of the underwriter. The resignation letter from Sustain and Associates and the members' questions are part of the public record from the meeting.

The board moved these items out of the consent agenda and voted on them individually. The financing measures passed by the tallies recorded during roll call; members opposed or concerned about the change said they sought clearer documentation about contractual terms and the specific division of responsibilities before closing any financing.