§ 2-8-035 — Sale or lease of city assets - Ordinance requirements

2-8-035 Sale or lease of city assets - Ordinance requirements.

(a) Every ordinance that contains a provision for the sale or lease of any city asset, including revenue streams from that asset, whose anticipated revenue from the sale or lease of the asset is greater than $100,000,000 but less than $400,000,000 shall not be given final consideration by the city council until at least 15 days after its introduction into the city council or direct introduction into a city council committee. Transactions involving city assets where the anticipated revenue is $400,000,000 or more shall be subject to the requirements set out in Chapter 2-164 of this Code. (b) No member of the city council or other municipal officer shall introduce, and no committee of the city council shall consider or recommend, any ordinance that is contrary in any way to the requirements of subsection (a). No member of the city council shall propose, and no committee of the city council shall consider, any amendment to an ordinance, which if passed, would render the ordinance contrary to any of the requirements of subsection (a). (Added Coun. J. 6-3-09, p. 63073, § 1; Amend Coun. J. 11-18-15, p. 14398, § 3)