The City shall not enter into any Debt Transaction unless and until all of the following conditions have been met:
(a) The CFO shall direct the Registered Advisor to prepare a report assessing the proposed Debt Transaction. The report shall evaluate: (i) whether the proposed Debt Transaction is in the best interests of the City and its residents; and (ii) what risk exists to the City and taxpayers should the Debt Transaction be completed. In preparing the report, the Registered Advisor shall provide information on the cost of the Debt Transaction as compared to standard fixed rate debt for the same revenue sources, and the potential financial risks associated with the Debt Transaction.
(b) The City Council Office of Financial Analysis shall prepares report on the Debt Transaction. The report shall be distributed to the members of the City Council and posted at least seven days before the Committee on Finance holds the hearing required by Section 2-165-040(b). The report shall evaluate: (i) whether the proposed Debt Transaction is in the best interests of the City and its residents; and (ii) what risk exists to the City and taxpayers should the Debt Transaction be completed.
(Added Coun. J. 5-18-16, p. 23569, § 1)