NRS 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.

250 words·~1 min read·/nv/chapter-350-municipal-obligations/350-175·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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.