Council Considers Allowing City Borrowing Services Contract to Change Firms With Former Stewart Chief of Staff
The Republican-dominated City Council is set to consider a resolution that would authorize Republican Mayor Erin E. Stewart to sign a contract moving city borrowing services from one firm employing her former Chief of Staff to the firm to which he has recently moved.
The Council resolution says that, “William Blair and Company, the City’s Public Finance Underwriting firm, has decided to move out of the public finance business and the City’s representatives have moved to Mesirow Financial.”
Less than three weeks ago, on August 23, 2017, the New Britain Herald reported that, “Former chief of staff for the City of New Britain will join Chicago-based Mesirow Financial as managing director for New England market,” continuing that, “John Healey served as the chief of staff for Mayor Erin Stewart from November 2013 to 2015. Afterward, he took a position as the vice president of Municipal Securities Group/Global Investment Banking at William Blair.”
The resolution authorizes Stewart to enter a contract with Mesirow Financial for services including, “major bond issuances, debt restructurings, advisory services, and rating agency presentations.”
Stewart has come under heavy criticism for borrowing tens of millions of dollars on the credit of city taxpayers in order to push debt payments into the future, at the cost of higher debt payments for city taxpayers in future years.
The resolution is on the agenda for the City Council meeting on Wednesday, September 13, 2017.