Each Debt 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 CFO determines to engage in a Debt Transaction, he or she shall notify the members of the City Council. The notice must come at least 45 days prior to the City Council vote on an ordinance approving a proposed Debt Transaction. The notice shall contain a plain-English summary of the proposed Debt Transaction, which shall include a description of the proposed Debt Transaction's purpose and potential public benefits and risks.
(b) At least seven days prior to the City Council vote on an ordinance approving a proposed Debt Transaction, the Committee on Finance shall hold a hearing on the proposed Debt Transaction. At least 23 days before that committee hearing takes place: (i) the CFO shall provide to the committee and post the report prepared pursuant to Section 2-165-030(a) and shall post a notice that includes: (1) a brief description of the public purpose(s) for the Debt Transaction; (2) an explanation of the risks underlying the Debt Transaction; (3) a summary of the report required by Section 2-165-030(a), as well as a link to that posted report; and (4) an estimated time line for the execution and closing of the Debt Transaction; and (ii) except with regard to Debt Transactions intended for refunding purposes, the Budget Director shall provide to the committee a document indicating, with as much specificity as practicable, the anticipated use of the funds to be received by the City from the Debt Transaction.
At such hearing, the CFO, the Registered Advisor and the Council Financial Analyst shall be present to answer questions from City Council members. City Council members may also, with 72 hours' notice to the chairman of the Committee on Finance, present expert testimony at the hearing.
(c) Before the required City Council vote, in addition to the Committee on Finance hearing specified in subsection (b) of this section, the City shall convene a meeting at which interested members of the public can comment on the proposed Debt Transaction. This public meeting may be a committee meeting convened by the Committee on Finance, and may take place either directly before or directly after a regular meeting of that committee, including the meeting specified in subsection (b), and may consider more than one proposed Debt Transaction, so long as each such Transaction is separately noticed and addressed.
(Added Coun. J. 5-18-16, p. 23569, § 1)