No officer elected or appointed for the City shall be interested directly or indirectly as principal, surety or otherwise in the fulfillment of any contract, job, work, claim or service in which the City is a party, or in the sale of property to the City. No elective or appointive officer shall take any official action on any contract or other matter in which he/she has any financial interest other than the common public interest.
This shall not be construed as prohibiting the purchasing department or other officer of the City from purchasing of, or contracting with an established business concern in which a Councilperson may be interested, provided that such business was established and the Councilperson's connection therewith was well known to the public at the time of his/her election, and provided further that such purchasing and contracting shall be done under competitive conditions.
Violation of this section shall be deemed to be misconduct in office and punishable as such, and the officer so offending shall forfeit his/her office.