(A) No village official or employee shall have a financial interest in his or her own name, or in the name of any other person, in any contract, work or business of the village, or in the sale of any article, whenever the expense, price or consideration of the contract, work, business or sale is paid with funds belonging to or administered by the village, or is authorized by ordinance; provided, however, for purposes of this division, any of the following shall not constitute a financial interest in any contract, work or business of the village:
(1) Ownership of less than 1% of the outstanding common stock in any entity, or its parent, subsidiary or affiliate, regardless of the value of dividends paid or accrued on the stock, and the stock is registered on a securities exchange pursuant to the Securities Exchange Act of 1934, as amended;
(2) Compensation for property taken pursuant to the village’s eminent domain power; and
(3) Any interest of a relative related to or derived from the relative’s independent occupation, business or profession.
(B) Notwithstanding anything to the contrary in this section, no village official or employee who has contract management authority over any contract, work or business of the village shall have a financial interest in any entity that is a contractor, subcontractor, or otherwise a party to that contract, work or business. Unless sold pursuant to a process of competitive bidding following public notice, no village official or employee shall have a financial interest in the purchase of any property that:
(1) Belongs to the Village; or
(2) Is sold for taxes or assessments; or
(3) Is sold by virtue of legal process at the suit of the village.
(Ord. 2167, passed 6-19-2014)