Any action or combination of actions by the City Council or any City official, officer, or employee that seek or purport to sell, trade, divest, or otherwise dispose of any Asset belonging to the City or any of its agencies shall be of no force and shall not take effect until and unless the following occur:
(1) 
At least 50 percent of all registered voters within the City, district, or other entity seeking to act cast ballots on the question; and
(2) 
At least a majority of those casting a ballot vote "Yes" on the question.
(Added November 8, 2016)
As used in Section 44 of this Act:
"Asset"
means:
(a) 
Any real property with a real market value of $100,000.00 or more in 2014 dollars;
(b) 
Any leasehold interest in real property with a real market value of $100,000.00 or more in 2014 dollars;
(c) 
Any tangible physical asset with a value of $100,000.00 or more in 2014 dollars;
(d) 
Any system, operation, or infrastructure with a combined tangible asset value of $100,000.00 or more in 2014 dollars;
(e) 
Any system, operation, or infrastructure for which the gross value of any income stream generated by that asset is $100,000.00 or more in 2014 dollars;
(f) 
Any contractual right or interest valued at $100,000.00 or more in 2014 dollars.
The phrase "sell, trade, divest, or otherwise dispose of"
shall, in addition to the ordinary meaning of each term contained therein, mean:
(a) 
Any lease of a term greater than 25 years;
(b) 
Any lease containing an option or similar provision, or any combination thereof, which, if exercised, would cause the overall term of the lease to exceed 25 years;
(c) 
Any lease containing a renewal provision or provisions, which, if exercised, would cause the overall term of the lease to exceed 25 years.
(Added November 8, 2016)