In recent months, a growing chorus of aldermen have assailed Mayor Daley for the botched parking meter privatization deal he rammed through the City Council last December. As if being rushed into the 75-year lease -- at a potential $4 billion loss to taxpayers no less -- wasn't bad enough, aldermen still don't have all the details on the negotiations that led to the $1.2 billion offer. At a finance committee hearing yesterday, they demanded answers from some of the mayor's top-tier staffers.  The members then went on to approve two ordinances that together would mandate a public accounting of how the billions in asset sale revenue is being managed and slow down similar deals in the future.

If the full council passes Ald. Tom Allen's (38th Ward) ordinance tomorrow, the city will have to give aldermen 15 days for review before holding a final vote on any long-term lease. But as Ald. Manny Flores (1st Ward) pointed out, additional time isn't necessarily adequate to ensure aldermen make more informed decisions. Like the TIF Sunshine ordinance approved in April, a new ordinance put forth by Flores would require the city to post online the full terms of the privatization deals -- contracts included -- before the council holds a vote on them. (Co-sponsors of the City Asset Lease Agreement Disclosure Ordinance include Alds. Ed Smith, Brendan Reilly, and Rey Colon.) The measure also calls for a quarterly financial accounting of how the money is been spent and what sort of interest it's accumulating. "Show us all the money," Smith said at one point in the hearing, "where we can see it. All of it."

In typical fashion, Daley-appointed Chief Financial Officer Gene Saffold tried to confuse the merits of the proposal, noting that getting the information out in advance could put the city at a disadvantage in negotiations. But the aldermen responded that all they're looking for is a full accounting of final bid information, which can't be renegotiated once the interested parties have signed off.  The Sun-Times Fran Spielman has more:

Chief Financial Officer Gene Saffold warned that the longer waiting period “might provide the bidder an out” if market conditions change and interest rates rise.

“We all appreciate the sensitivity of fluctuating interest rates. But, based on that logic, you’d almost be advocating that there be no public review or debate. Just stamp that thing `approved’ as quickly as we possibly can,” said Ald. Brendan Reilly (42nd).

“Our taxpayers expect transparency. And they deserve the ability to review and critique these types of gigantic transactions that will have a long-lasting impact on the city and its finances. ... These assets belong to the people.”

Tomorrow, we'll see if the full council takes action to create this kind of transparency.

UPDATE: More on the hearing from Mick Dumke.