Each Transaction shall require approval by a vote of the city council, and shall be subject to the following public review schedule:
(a) at the time the City issues a request for qualification ("RFQ") for a Transaction, the CFO shall post the RFQ and shall notify the Chairmen of the City Council Committee on the Budget and Government Operations, and Committee on Finance, once the posting has occurred. The RFQ must be posted a minimum of ninety days prior to the city council vote on an ordinance approving a proposed Transaction.
(b) at the time the City issues the RFQ referenced in subsection (a), the CFO shall post a concise, plain-English summary of the contemplated Transaction, which shall include a description of the proposed Transaction's purpose and potential public benefits, and a mailing address, email address, web page or other vehicle by which interested members of the public can comment on the proposed Transaction.
(c) after the issuance of the RFQ and before the city council vote on an ordinance approving a proposed Transaction, the City shall host a public meeting at which interested members of the public can comment on the proposed Transaction.
(d) at least 7 days prior to the city council vote on an ordinance approving a proposed Transaction, the council committee having jurisdiction over the Transaction shall hold a hearing on the proposed Transaction. At least 23 days before that committee hearing takes place: (i) the CFO shall provide to the committee the report prepared pursuant to subsection (a) of Section 2-164-030 and shall post a notice that includes: (1) a brief description of the public purpose(s) underlying the Transaction; (2) a summary of the report referred to in subsection (a) of Section 2-164-030; and (3) a timeline for the execution and closing of the Transaction; and (ii) the Budget Director shall provide to the committee a document indicating the anticipated use of the funds to be received by the City from the Transaction.
(Added Coun. J. 11-18-15, p. 14398, § 1)