State and local governments bring their municipal securities to the market with the help of various consultants that comprise a debt management network. Some members of this debt management network, including underwriters and municipal advisors, have increasingly come under scrutiny in recent years. The Dodd-Frank Act evidences recent federal legislation aimed to improve the functioning of the municipal securities market by further regulating underwriters and regulating, for the first time, municipal advisors. Prior research on debt management networks have focused on the stability of network team members and the impact on financial market outcomes. This research empirically explores the relationship between municipal advisors and underwriters to determine if the intensity of this relationship is associated with bond market outcomes, specifically the true interest cost of bond issues, for local governments in the State of Texas between the years 2000 and 2012. The findings from this research have public policy implications related to the proper composition of a state and local government’s debt financing team. In addition, the empirical findings will help shed light on various aspects of network management theory as applied to the municipal securities market.