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• The bond type and/or structural features are non-standard, such as for a forward delivery bond sale, issuance of variable rate bonds, or where there is the use of derivative products. • Bond insurance is not available or not offered. • Early structuring, investor outreach and other market participation by underwriters are desired. • The par amount for the transaction is significantly larger than normal. • Demand for the bonds by retail investors is expected to be high. • Participation from DBE firms is required or desired. C. Private Placement From time to time the City may elect to privately place its debt. Such placement shall be considered if this method is demonstrated to result in a cost savings to the City or other benefits relative to other methods of debt issuance. 6.10. Competitive Sale of Bonds: The terms and prices of the bonds will be negotiated by the City and various underwriters . - •- -- the bond issue. The issue is awarded to the underwriter judged to have submitted the best bid that offers the lowest interest rate,taking into account underwriting spread, interest rates and any discounts or premiums. 6.11. .Negotiated Sale of Bonds: advance, on the basis of proposals received or by other means, one of more underwriters negotiated sale method is often used when the issue is: a first time sale by a particular unusually large issue, or in a highly volatile or congested market. 6.12. Private Placement: A private placement is a variation of a negotiated sale in which the City, usually with the help of a financial advisor will attempt to place the entire new issue directly with an before agreeing to purchase the issue. Private placements arc generally undertaken because the transaction is complex or unique, requiring direct negotiations with the investor, or because the issue is small and a direct offering provides economics of scale. D. Derivative Products: Because of their complexity, unless otherwise amended, Derivative Products such as Interest Rate Swaps, Inverse Floaters, and other hybrid securities are prohibited from the City of Pleasanton's Debt Management Policy. 9. REFINANCING OUTSTANDING DEBT The City shall have the responsibility to analyze outstanding bond issues for refunding opportunities that may be presented by underwriting and/or financial advisory firms. The City will consider the following issues when analyzing possible refunding opportunities: