No right, title or interest of the City or any part thereof in and to the waterfront, wharf, docks, streets, avenues, parks, bridges and other public places, and its gas, water, electric and other works, shall be sold unless by authority of an ordinance passed by a recorded affirmative vote of four-fifths (4/5ths) of all members of the Commission, and with the provision that no such property which may be valued by three independent appraisers in excess of fifteen (15%) percent of the City’s annual operating budget in the year of the sale, shall be sold in whole or in part or shall be leased for term in excess of five (5) years without a referendum election authorizing such sale, and under such other restrictions as may be imposed by law.
(Adopted by electorate, 3-13-84; Amendment adopted by electorate, 11-6-84; Amendment adopted by electorate, 11-7-06)