An officer or employee of the city who intends to have business dealings with the city, whereby he may derive any income or benefits other than such as are provided as remuneration for his official duties or employment, shall file with the Clerk a statement, under oath, setting forth the nature of such business dealings, and his interest therein. The statement shall be filed with the Clerk not less than ten (10) days before the date when action may be taken by the Council or any other agency of the city upon the matter involved. The statement shall be spread upon the proceedings of the Council for the meeting at which it is received and published in full therewith. In each case where the type of dealings with the city is on a continuing basis involving more than one or a sequence of transactions, described in the statement, each such statement shall stand for and apply to such transactions for a period of one year and may be renewed at the end of each one-year period for so long as such transactions continue. Each such renewal shall be spread upon the proceedings of the Council and published as in the case of the original statement.
In the event that the interest of any officer or employee of the city in any business dealings with the city changes at any time, he shall file a statement thereof, which shall be spread upon the proceedings of the Council and published as herein required. Approval of any such business dealings shall require a concurring vote of five (5) members of the Council. No member of the Council may vote on any question upon which he has a direct or indirect financial interest. Any business dealings made in violation of this section shall be void.