The county shall competitively bid all swap agreements using the following procedures:
(1) The county shall invite not less than four qualified swap providers to make independent written proposals to enter into a swap agreement delivered in person or transmitted electronically.
(2) The county shall provide each potential qualified swap provider a set of bid documents. The bid documents shall be in the form proposed by the county to be executed and delivered in connection with the swap agreement. The bid documents shall include all of the terms and conditions customarily included in such documents and appropriate to the circumstances. The terms of the swap agreement shall be fully specified, including, without limitation, such terms as payment frequencies, day counting conventions, method of averaging, reference indices, and similar terms. The bid documents shall leave blank a single term expressed as an interest rate or monetary amount, herein called bid number, to be proposed by qualified swap providers submitting bids and to be included in the definitive swap agreement and related documents upon determination of the best bid. The bid number shall be a number that is critical to the value of the swap agreement to both parties.
(3) The county shall provide each potential qualified swap provider financial and other information necessary and appropriate to a determination by a qualified swap provider of whether and how to respond to the request for proposal. The county shall respond to requests for additional information or modifications of the set of documents in writing with copies to all potential qualified swap providers.
(4)a. The governing body of the county shall do all of the following:
1. Authorize an official of the county to establish a deadline date and time for receipt of proposals for a swap agreement.
2. Authorize the execution and delivery of all documents required to complete the swap transaction.
3. Authorize the official to receive the bid numbers from the qualified swap providers and determine the best bid.
4. Establish either a floor or a ceiling, known as a bid limit, for the best bid.
b. Determination of the best bid complying with the bid limit shall be made immediately after the deadline for submission of bid numbers, and the authorized official shall then execute and deliver the swap documents.
c. All bid numbers received shall be publicly announced.
d. The county may reject all bids.
(5) The qualified swap provider who offers the best bid shall furnish a statement under oath as required in Section 45-37-162.06.
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