§ 4.08.056. Alternate competitive bidding process for loan facilities.

In lieu of the competitive bidding process specified in this chapter, the city council may direct a competitive bidding process for any loan facility evidenced by a subordinate revenue bond. The competitive bidding process shall include, at a minimum, the following elements: (i) a notice of request for such loan facility shall be published at least once, no fewer than 10 days prior to the date of receipt of quotations for the loan facility 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 loan facility; (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 terms for the city; (iv) the loan facility shall be awarded to the qualified provider quoting the best quote as determined by the city, which quote need not necessarily be the lowest quote, as reasonably determined in accordance with the criteria specified by the city; and (v) the results of the competitive bidding process shall be reported to the finance committee of the city council following the award of the loan facility. All other administrative procedures governing any particular financing and the award of any particular loan facility may be set forth in a resolution adopted by the city council otherwise consistent with state law, the City Charter and this Code.

(Ord. No. 7245, § 2, 7-14-2014)