.010 Any indebted former candidate, or any controlled committee of any such officer or candidate, accepting any contribution(s) for the purpose of retiring outstanding debt from a prior city election and required by state law to report such contributions on Schedule A of Fair Political Practices Commission Form 460, or any successor provision thereto, shall, at the time required for the reporting of such contributions on Schedule A and in addition to any other reporting requirements under state law, clearly designate on said Schedule A which contributions were received for the purpose of retiring outstanding debt and for which prior city election such contributions were received.
.020 Any contribution accepted for the purpose of retiring outstanding debt from a prior city election shall be applied to reduce or retire said outstanding debt in the same reporting period in which such contribution was accepted. The application of any contribution to retire outstanding debt from a prior city election (i.e., repayment of outstanding loans and payment of accrued expenses) shall be itemized and identified on the appropriate schedules and on the Summary Page of Form 460, or any successor form thereto, provided by the Fair Political Practices Commission.
.030 Except as provided in subsection .040 below, no indebted former candidate, or any controlled committee of any such officer or candidate, shall use any contributions received for the purpose of retiring outstanding debt from a prior city election for any purpose other than for the retirement of outstanding debt remaining from the prior city election for which such contribution was received.
.040 All indebted former candidates and all controlled committees of such officers or candidates shall retire outstanding debt within twelve (12) calendar months following the date of the city election for which the debt was incurred. No indebted former candidate, nor any controlled committee of any such officer or candidate, shall solicit or accept, and no person shall make to any such candidate or candidate's controlled committee, any contribution(s) for the purpose of retiring outstanding debt from a prior city election after twelve (12) calendar months following the date of the city election for which the debt was incurred.
.050 Following the retirement of all outstanding debt from the election for which such contributions were collected, any remaining funds which were collected for the purpose of retiring outstanding debt shall either be (i) used for purposes of defraying the expenses of holding city office in accordance with the provisions of Section 1.09.055, (ii) returned to the contributors, (iii) deposited in the City's General Fund, or (iv) donated to any bona fide charitable, educational, civic, religious, or similar tax-exempt, nonprofit organization, where no substantial part of the proceeds will have a material financial effect on the former candidate or officeholder, any member of his or her immediate family, or his or her campaign treasurer. (Ord. 5704 § 2 (part); October 19, 1999; Ord. 5858 § 1 (part); May 20, 2003: Ord. 6197 § 4; November 16, 2010; Ord. 6567 § 2; February 27, 2024.)