Negotiated sale: Procedure for selection of proposal for sale of bonds; certification of procedure

1. The governing body of a municipality which sells bonds by a negotiated sale shall establish a procedure for the selection of a proposal for the sale of the bonds. The procedure must include a consideration of: (a) The ability and experience of the responding underwriter in the underwriting of bonds sold by competitive bid or negotiated sale; (b) The degree to which the proposal of the responding underwriter meets the needs of the municipality and minimizes the risk and cost to the municipality; (c) An estimation of any fees or other elements of the gross spread between the price paid to the municipality for the bonds and the price at which the bonds are sold to investors; (d) Any other fees, charges or commissions which the municipality will be required to pay in connection with the issuance of the bonds; and (e) Any fees paid by the underwriter to persons who are not employees of the underwriter to obtain business from the municipality. 2. The chief administrative officer of the municipality shall certify that the procedure for selecting a proposal for the negotiated sale pursuant to NRS 350.175 was conducted in an open and fair manner.