(a) A local organizing committee that submits a request under Section 475.0052 must:
(1) affirm as a part of that request that the committee is in full compliance with the ethical guidelines provided by all contracts entered into and rules adopted by the site selection organization, including the organization’s requirements regarding disclosure of any financial interest a director, officer, or senior-level employee of the committee has in any proposed transaction with the committee;
(2) not later than the 15th day of the first month following each calendar quarter, file with the secretary of the endorsing municipality for which the committee submits a request:
(A) a certification that the committee continues to comply with the ethical guidelines described by Subdivision (1); and
(B) a report of contributions to and expenditures by the committee, in the manner described by Subsection (b); and
(3) file with the secretary of the endorsing municipality on April 15 of each year a copy of each financial statement a committee or a member of a committee is required to submit to the United States Olympic Committee during the preceding calendar year.
(b) A report under Subsection (a)(2)(B) must include:
(1) for each contribution made to the local organizing committee:
(A) the contributor’s full name and address;
(B) the date of the contribution;
(C) whether the contribution is cash, made by check, or in-kind; and
(D) the amount or market value of the contribution; and
(2) for each expenditure made by the local organizing committee:
(A) the full name and address of the person who receives payment of the expenditure;
(B) the date of the expenditure;
(C) the amount of the expenditure; and
(D) the purpose of the expenditure.

(c) The endorsing municipality for which a local organizing committee submits a request under Section 475.0052 must have a comprehensive ethics code establishing standards of conduct, disclosure requirements, and enforcement mechanisms relating to municipal officials and employees before the office considers the request.