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(a) The Council shall have power to enter into contracts only which, by the terms thereof, will be fully executed within a period of five years. Any contract, other than a franchise, which will not be fully executed within a period of five years shall first receive the approval of a majority of the qualified electors of the city who vote thereon. This limitation shall not apply to the following: any contract for services with a public utility or with other governmental unit(s), any contract concerning interest(s) in real property, and any contract for debt secured by the bonds or notes of the city.

(b) The Council shall provide in the code the procedure whereby the city may purchase, sell, lease, or dispose of real property. No action of the Council to dispose of any city interest in real property dedicated to a public use shall be final until the resolution to do so has been on file in the office of the City Clerk for thirty days. (Amended October 5, 2004 election)