Except with regard to Inherently Intergenerational Transactions, the Budget Director shall establish a discrete fund to hold at least 10 percent (for purposes of this section, such amount to be termed "Fund") of the Eligible Proceeds to the City from each Transaction structured as a lease or concession that has a term of 30 years or more. Fund monies may be invested by the Treasurer in accordance with his customary standards and practices, but shall be kept segregated from other City funds. The City shall not expend Fund monies until either: (i) one-half of the term of the Transaction has run, or (ii) the City Council, by a 3/4 vote, approves the expenditure. For purposes of this section: the term "Eligible Proceeds" shall mean principal remaining after payment of Transaction-related expenses, debt service and reserves, and shall not include any investment earnings on such principal, and the term "Inherently Intergenerational" shall mean a Transaction whose proceeds are wholly dedicated to and invested in intergenerational obligations and assets, examples of which include City infrastructure improvement or pension funding.
(Added Coun. J. 11-18-15, p. 14398, § 1)