350.175 - Negotiated sale: Notice of request for proposals; description of procedure for request for proposals in debt management policy; time limitation on sale of bonds after selection of underwrite - Nevada Statutes

350.175  Negotiated sale: Notice of request for proposals; description of procedure for request for proposals in debt management policy; time limitation on sale of bonds after selection of underwriter.

      1.  If a municipality wishes to sell its bonds by a negotiated sale, it shall provide notice of the request for proposals in a manner that ensures that a reasonable number of underwriters for the size of the bond issue are notified of the request. The governing body of the municipality shall approve the notice.

      2.  The procedure for a request for proposals established by a municipality, including any requirement relating to:

      (a) The rotation of the managing underwriters; and

      (b) The municipality’s policy of equal opportunity concerning the selection of underwriters,

Ê must be described in the written statement of the debt management policy of the municipality.

      3.  A municipality may negotiate the sale of the bonds described in the request for proposals with the underwriter it selects for not more than 6 years after the date of the selection of that underwriter. If bonds are not described in the request for proposals or if a negotiated sale occurs more than 6 years after the selection of an underwriter, the municipality shall request proposals from underwriters pursuant to subsection 1 before it selects an underwriter for that negotiated sale.

      4.  As used in this section, “request for proposals” means a statement which requests that prospective underwriters submit proposals to the municipality to provide underwriting services for the negotiated sale.

      (Added to NRS by 1995, 1021)