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,
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)
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