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)