(a) For purposes of this section the following definitions shall apply:
(1) "Chief financial officer" has the meaning ascribed to the term in Section 1-4-090.
(2) "Debt obligation transaction" means a transaction for the issuance of bonds by the City.
(3) "Reporting firm" means any law firm, financial advisor or underwriter that provides professional services to the City in connection with a debt obligation transaction.
(b) (1) In connection with and before the introduction of an ordinance authorizing a debt obligation transaction, a reporting firm shall provide to the chief financial officer the gender, role and race or ethnicity of those who will directly provide services for any particular transaction. The chief financial officer shall provide the information received pursuant to this subsection (b) to the city council.
(2) A reporting firm shall certify the accuracy of the disclosures and information required by this subsection (b). The disclosures and information required by this subsection (b) shall be provided in a form and manner approved by the chief financial officer.
(c) The chief financial officer is authorized to adopt rules and regulations for the proper administration and enforcement of this section.
(d) (1) Except as otherwise provided in subsection (d)(2), any reporting firm that fails to comply with this section may, as determined by the chief financial officer based on objective criteria, be declared ineligible to participate in future debt obligation transactions.
(2) Any reporting law firm that fails to comply with this section may, as determined by the corporation counsel based on objective criteria, be declared ineligible to participate in future debt obligation transactions.
(Added Coun. J. 11-19-14, p. 98082, § 2)