(2) Slavery Era Business/Corporate Insurance Disclosure and Financial Reparations. 

      (a)   Business, Corporate and Slavery Era Insurance Ordinance. This subsection shall be known and cited as the “Business, Corporate and Slavery Era Insurance Ordinance”. The purpose of this subsection is to promote full and accurate disclosure to the public about any slavery policies sold by any companies, or profits from slavery by other industries (or their predecessors) who are doing business with any City Agency or City-related Agency.

      (b)   Each contractor with whom a City Agency enters into a contract, whether subject to competitive bid or not, shall, immediately following execution of the contract, complete an affidavit verifying that the contractor has searched any and all records of the company or any predecessor company regarding records of investments or profits from slavery or slaveholder insurance policies during the slavery era. The names of any slaves or slaveholders described in those records must be disclosed in the affidavit.

      (c)   The Department shall make the information contained in the affidavit available to the public, including but not limited to making the information accessible on the City’s internet accessible world wide web home page and provide an annual report to the City Council.

      (d)   If a contractor fails to provide the affidavit when required or includes materially false information on such affidavit, the contract shall be voidable.

      (e)   City Related Agencies. Any contract, lease, grant condition or other agreement entered into by the City with any City-related Agency shall contain a provision requiring the City-related Agency, in the procurement of goods and services purchased pursuant to such contract, lease, grant condition or other agreement with the City, to abide by the provisions of subsection 17-104(2).

      (f)   Any City Depository authorized to receive City deposits under Section 19-201 of this Code shall:  

         (.1)   by January 1 of each year, provide the City with an annual certification that it is in compliance with the requirements of this Section; and

         (.2)   if it has disclosed, pursuant to this subsection, slavery policies it, or its predecessor, has sold or profits from slavery it, or its predecessor, has received, provide the City with a statement of financial reparations. The reparations statement shall include a description of any new financial products or programs developed by the depository to address racial disparity in its lending and investment activities.

Added, Bill No. 040133-A (approved March 31, 2005). Caption amended, Bill No. 050615 (approved December 15, 2005).