§ 2-581. Methods of sale.

The city will select a method of sale that is the most appropriate in light of financial, market, transaction-specific and issuer-related conditions. When a sale is not competitively bid, the city will publicly present the reasons and will participate with the financial advisor in the selection of the underwriter or direct purchaser.

(1) Competitive sale. The city, as a matter of policy, shall seek to issue its debt obligations in a competitive sale unless it is determined that this method would not produce the best results for the city. The city, with assistance by its financial advisor, will set the terms of the sale as to encourage as many bidders as possible. In such instances where the city, in a competitive bidding for its debt securities, deems the bids received as unsatisfactory or does not receive bids, it may, at the election of the city commission, enter into negotiation for sale of the securities.

(2) Negotiated sale. When certain conditions favorable for a competitive sale do not exist and/or when a negotiated sale will provide significant benefits to the city that would not be achieved through a competitive sale, the city may elect to sell its debt obligations through a negotiated sale. Such determination may be made on an issue by issue basis, for a series of issues, or for part or all of a specific financing program.

(3) Private placement. When determined to be beneficial and appropriate, the city may elect to sell its debt obligations through a private placement or limited public offering.

(Ord. No. 2013-03, § 1, 2-5-13)