(a) Revenue Bonds shall be sold pursuant to a competitive bidding process in such manner as shall be acceptable to the Board of such Department; provided, however, that the Board of a Department may, by resolution or other action, authorize the sale of any of its Revenue Bonds pursuant to private sale if the chief financial officer of the Department determines that a private sale of such Revenue Bonds will be of benefit to, and in the financial interest of, the Department and provides a written report stating such determination and the reasons therefor, and the Department submits the matter to the Council as set forth in this Section 11.28.4(a). The Department shall notify the Director of the Office of Administrative and Research Services (“DOARS”) in writing that the Department intends to issue Revenue Bonds pursuant to private sale and shall transmit certified copies of the Board’s resolution or other action authorizing the sale of Revenue Bonds by private sale together with a copy of the above-mentioned report of the chief financial officer of the Department to the offices of the Mayor, of the DOARS and of the City Clerk. The City Clerk shall forthwith present said resolution or other action and the above-mentioned report to the Council. The DOARS shall timely deliver to the Council the report of the DOARS required by Section 609(d) of the Charter. At any time within the Time Period specified in Section 11.28.2 of the Administrative Code, the Council, by a majority vote of its members, may approve such resolution or other action of the Board, and if so approved, the resolution or other action of the Board shall take effect forthwith. If the Council shall disapprove the resolution or other action of the Board within the applicable Time Period, the resolution or other action shall be disapproved. If the Council does not act on said resolution within the Time Period so specified, the resolution or other action shall be considered approved for purposes of Section 609 of the Charter and shall take effect upon the expiration of said Time Period.
(b) The Board of a Department shall select the underwriting firm(s) for the private sale of Revenue Bonds by resolution or other Board action, and the Council shall be provided an opportunity to disapprove such selection in the manner set forth in this Section 11.28.4(b). The Board may include the selection of underwriting firm(s) in the resolution described in Section 11.28.1 of this Administrative Code, in a separate resolution or action to sell the Bonds pursuant to private sale described in Section 11.28.4(a) of this Administrative Code or in the action described in Section 11.28.5 of this Administrative Code or the Department may, by resolution or other Board action, separately select an underwriting firm or team of underwriting firms for any particular Revenue Bonds or for a fixed period of time, said separate resolution or other Board action being hereby subject to Council oversight pursuant to Section 245 of the Charter. In selecting underwriting firms, each Department shall, at a minimum, comply with the conflict of interest provisions set forth in Section 609(e) of the Charter and related ordinance provisions, including the provision which requires that an underwriting firm seeking selection as an underwriter of Revenue Bonds shall cause one of its officers to file a certification under oath that no disqualifying gifts or contributions described by Section 609 of the Charter were made.
SECTION HISTORY
Added by Ord. No. 172,353, Eff. 1-30-99.
Amended by: Ord. No. 173,234, Eff. 6-19-00, Oper. 7-1-00; Ord. No. 173,306, Eff. 6-30-00, Oper. 7-1-00; Subsec. (b), Ord. No. 182,264, Eff. 10-29-12.