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Sauk County, WI, becomes the Sixth Wisconsin County

that uses GFOA YieldAdvantage for Certificate of Deposit Auctions

 

On August 23, 2007, Sauk County, WI became the sixth Wisconsin County user of GFOA YieldAdvantage. Working with local, county banks, GFOA YieldAdvantage has allowed Wisconsin counties to reach out to a greater pool of eligible banks and significantly increase the rates received.

 

Sauk County used GFOA YieldAdvantage to conduct an open format auction for a 1-year, $500,000 certificate of deposit. In such a format, the bidders are provided feedback from the platform, which they can use to improve and resubmit their bid. During a live, 20-minute auction, the County received multiple competitive bids from 6 local banks and experienced a considerable increase in the rates offered. The County plans on continuing its success with future GFOA YieldAdvantage auctions.

 

GFOA YieldAdvantage is a Web-based investment auction platform offered through an alliance of the Government Finance Officers Association and Grant Street Group.  Through the use of GFOA YieldAdvantage, state and local governments are able to solicit bids easily and efficiently from a larger number of financial institutions via the Internet, enhancing the investment of government funds.     

    

    

 

 

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