§ 20-93. Notification of council regarding transactions relating to bonds.

(a)

Before beginning negotiations, promulgating the request for qualifications or request for proposals for underwriters or undertaking any other action that obligates or could obligate the city financially with regard to issuance of municipal bonds, the manager shall notify the president of council in writing that the city may be issuing municipal bonds. The city clerk shall read the notification to the council at its next regularly scheduled meeting.

(b)

The notification shall include a description of the following to the extent known at the time of notification:

(1)

The purpose, cost, benefits, useful life and reason for the project;

(2)

The proposed financing of the project, including the type of securities being offered, amount, projected interest rates, projected debt service amount and source of payment;

(3)

The process to be used for the sale of municipal bonds, including a description of whether the bonds will be sold by competitive bidding, by negotiation or by private placement. If the bonds are not to be sold after competitive bidding, the description shall include the process that will be used to notify and select underwriters;

(4)

In reasonable detail, the events leading up to the issuance;

(5)

The proposed timetable for the events leading up to the issuance;

(6)

The name of the person or agency proposing the issuance;

(7)

The name of the person or firm who will be serving as bond counsel; and

(8)

Other information that will in the opinion of the manager provide council with full knowledge of the process to be followed.

(c)

The manager shall not take any action that obligates the city to issue municipal bonds until at least fifteen (15) days after the city clerk reads the notification submitted by the manager in accordance with subsection (a) of this section.

(Ord. No. 459-90, § 2, 8-13-90)