E. Financial data of public bodies.

The Open Meetings Act allows, but does not require, discussion in a closed, executive session of "matters, the immediate knowledge of which would clearly have an adverse effect upon the finances of the public entity." AS 44.62.310(c)(1). This is subject to the requirement that this provision must be construed narrowly in order effectuate the public policies underlying the OMA and to avoid unnecessary executive sessions. The law also requires that the motion to convene an executive session must clearly and with specificity describe the subject of the proposed executive action without defeating the purpose of addressing the subject in private. So, for example, it would not be sufficient for a public body to go into executive session by simply stating that it was going to consider "financial matters," or even "matters the immediate knowledge of which would clearly have an effect on the finances" of the entity, without giving more specific information about what, by saying, e.g., "I move that we go into executive session to discuss the contract with the Firefighters' Union," or "I move that we go into executive session to discuss a purchase of land on Bragaw Street for use by the University for dormitories." No action may be taken in executive session, except to "give direction to an attorney or labor negotiator regarding the handling of a specific legal matter or pending labor negotiations."