Why bother with the Bond Purchase?

When such a bond is purchased it is done through a business which will collect a fee for the transaction. Was this fee negotiated using fair practices of services negotiation and bidding practice? Was there a solicitation for the service, or was the bond broker selected by the sole source of the City Decision making Mr. City Manager. I do not recall the purchase of a bond on the agenda of late. This is a significant obligation of funds or liquidity that the City Council and Citizens should be aware of.