(1) A candidate or individual elected to City office shall use a political committee that is separate from that candidate's candidate political committee to solicit and receive contributions for transition or inauguration into City elective office. The name of such committee shall contain the terms "Transition" and "Inauguration".
(2) Funds held by a Transition and Inauguration Committee may only be used to pay costs incurred for the transition or inauguration into City elective office of the elected individual.
(3) A candidate or individual elected to City office shall use only one committee and one checking account to receive and expend funds for expenses of that individual's transition or inauguration into City elective office, except that nothing shall prohibit a former candidate from transferring money raised while a candidate from the elected person's candidate political committee to that candidate's Transition and Inauguration Committee. The Board of Ethics shall require a candidate or individual elected to City office to provide the Board with such information as the Board deems necessary to identify the candidate's transition and inauguration committee and checking account, within three business days of formation of the committee.
(4) Each Transition and Inauguration Committee shall have a treasurer who shall be responsible for keeping records of contributions and expenditures to the same extent and in the same detail that records of contributions and expenditures must be kept by a candidate's political committee and campaign pursuant to this Chapter and applicable State law.
(5) A Transition and Inauguration Committee must be terminated, including closure of the committee checking account, no later than six months after the date of the former candidate's inauguration to City office. Before a Transition and Inauguration Committee is terminated, any remaining funds shall be returned to contributors on either a "last in, first out" or "first in, first out" accounting basis, or on such other equitable basis as may be approved by the Board of Ethics. The Board of Ethics may for good cause shown extend the deadline for termination of a Transition and Inauguration Committee.
Notes
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