A city officer or employee shall not have an interest, direct or indirect, in any contract or job of work or material or the profits thereof or services to be furnished or performed for the city, unless expressly permitted by law. A contract entered into in violation of this section is void. The provisions of this section do not apply to:
   (A)   Compensation of officers.  The payment of lawful compensation of a city officer or employee holding more than one city office or position, the holding of which is not incompatible with another public office or is not prohibited by law;
(Iowa Code § 362.5(1))
   (B)   Investment of funds.  The designation of a bank or trust company as a depository, paying agent or for investment of funds;
(Iowa Code § 362.5(2))
   (C)   City Treasurer.  An employee of a bank or trust company, who serves as Treasurer of the city;
(Iowa Code § 362.5(3))
   (D)   Stock interests.  Contracts in which a city officer or employee has an interest solely by reason of employment, or a stock interest of the kind described in division (H) below of this section, or both, if the contract is for professional services not customarily awarded by competitive bid, if the remuneration of employment will not be directly affected as a result of the contract, and if the duties of employment do not directly involve the procurement or preparation of any part of the contract;
(Iowa Code § 362.5(5))
   (E)   Newspaper.  The designation of an official newspaper;
(Iowa Code § 362.5(6))
   (F)   Existing contracts.  A contract in which a city officer or employee has an interest if the contract was made before the time the officer or employee was elected or appointed, but the contract may not be renewed;
(Iowa Code § 362.5(7))
   (G)   Volunteers.  Contracts with volunteer firefighters or civil defense volunteers;
(Iowa Code § 362.5(8))
   (H)   Corporations.  A contract with a corporation in which a city officer or employee has an interest by reason of stock holdings when less than 5% of the outstanding stock of the corporation is owned or controlled directly or indirectly by the officer or employee or the spouse or immediate family of the officer or employee;
(Iowa Code § 362.5(9))
   (I)   Contracts.  Contracts made by the city upon competitive bid in writing, publicly invited and opened;
(Iowa Code § 362.5(4))
   (J)   Cumulative purchases.  Contracts not otherwise permitted by this section, for the purchase of goods or services which benefit a city officer or employee, if the purchases benefitting that officer or employee do not exceed a cumulative total purchase price of $1,500 in a fiscal year; and
(Iowa Code § 362.5(10))
   (K)   Franchise agreements.  Franchise agreements between the city and a utility and contracts entered into by the city for the provision of essential city utility services.
(Iowa Code § 362.5(12))
(Iowa Code § 362.5)  (1999 Code, § 5.07)