Boulder will not pursue negotiated bonds for the next open space bond sales.

The Boulder City Council reversed an earlier decision Wednesday night to use negotiated bonds, which were not allowed in Boulder before the approval of a charter amendment last fall, for the next open space bond sale.

The city sold the charter amendment as important for the creation of a municipal electric utility, which would not have a track record to boost its credit rating but would have a story of a new, green utility of the future to sell to investors.

But earlier this year, Boulder financial officials asked the City Council for permission to use negotiated rather than competitive bond sales for the next open space bond sales.

Most municipal bonds are sold through a negotiated process, but they are controversial among financial experts.

The City Council initially agreed, but on Wednesday, they changed course after hearing from members of the community who work in the financial sector. The city's open space bonds have a good credit rating and typically get good interest rates.

The next open space bond sales will now occur through a competitive process.