Which of the following describes a Private Negotiated Sale of TRANs?

A Private Negotiated Sale of TRANs (Tax and Revenue Anticipation Notes) is characterized by being a direct sale without any public bidding process. In this method of sale, the issuer negotiates directly with one or more investors or underwriters, which allows for more flexibility and potentially a quicker execution compared to public bidding. This method can often be advantageous for issuers who may want to avoid the time and expense associated with a competitive bidding process, as it allows them to tailor the sale to specific market conditions and investor interest.

The nature of this sale also means that it does not involve the competitive selling dynamics typically seen in a public auction. Instead, terms such as interest rates and conditions can be negotiated based on particular needs and market conditions directly between the issuer and the buyer, making this option more adaptable.