What Is The Difference Between A Municipal Advisor & Underwriter?

Typically when California school and community college districts are looking to issue general obligation bonds and other types of financings, they will work with a municipal advisor and underwriter.  A municipal advisor provides advice to school and community college districts on the issuance of financings and an underwriter sells the financings to investors.  A municipal advisor is required to act as a fiduciary while an underwriter is not.

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