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The Council, or any person or committee authorized by it for the purpose, shall have power to inquire into the conduct of any department, office, or officer of the city and to make investigations as to municipal affairs, and for that purpose may subpoena witnesses, administer oaths, and compel the production of books, papers and other evidence. Failure on the part of any officer of the city to obey such subpoena to produce books, papers, or other evidence as ordered under the provisions of this section shall constitute misconduct in office. If such failure shall be on the part of any employee of the city, the same shall constitute a misdemeanor.
The Council shall not have the power to:
(a) Make any contract with or give any official position to any person who is in default to the City;
(b) Sell any property of a value in excess of three hundred and 00/100 dollars ($300.00), as determined by the then market value, unless the said property is offered for sale and an opportunity for free competition be given;
(c) Sell any park, cemetery or any part thereof, or any property bordering on a water front, or vacate any street or public place leading to a water front;
(d) Engage in any business enterprise requiring an investment of money in excess of One Dollar ($1.00) per capita, unless approved by three-fifths (3/5) of the electors voting thereon at any general or special election.
The City Council may not rent or lease public property for a period longer than five (5) years unless such rental or lease agreement shall have been referred to the people at a public hearing and approved by four-fifths (4/5) of the Council. No such lease shall be accepted by the City unless the party leasing or renting the property has filed with the Clerk his/her unconditional acceptance of all the terms of such lease or rental agreement.