§ 4.08.055. Alternate competitive financing process for bonds—Contracts to place on interest rate, currency, cash-flow and other basis.

In lieu of the competitive bidding process specified in this chapter, the city council may direct a competitive financing process for any contract authorized under Sections 5920 et seq. of the California Government Code and any successor provisions thereof. The competitive financing process shall include, at a minimum, the following elements: (i) a notice of request for such contract shall be published at least once, no fewer than 10 days prior to the date of receipt of quotations for the contract in a financial publication generally circulated throughout the state of California reasonably designed to reach potential providers; (ii) no fewer than three qualified providers shall be issued a request for the contract; (iii) firm price quotations shall be requested in the time frame and manner reasonably designed to foster competition, to prevent fraud and collusion and to secure the most favorable price for the city; (iv) the contract shall be awarded to the qualified provider quoting the lowest and best quote to the city as reasonably determined in accordance with the criteria specified by the city; and (v) the results of the competitive financing process shall be reported to the finance committee of the city council following the award of the contract. All other administrative procedures governing any particular financing and the award of any particular contract may be set forth in a resolution adopted by the city council otherwise consistent with state law, the city Charter and this code.

(Ord. 6899 § 2 (part), 2002: Ord. 6819 § 2, 2000)