(A) Policy Statement: It is the policy of the city that its elected and appointed officials and all department heads should, in all cases, exercise their judgment and perform their official duties for the sole benefit of the city and its citizens. All such persons should avoid any situation where their private pecuniary interests would impair or may tend to impair the exercise of their independent judgment for the benefit of the city and its citizens. It is further the policy of the city that even the appearance of impropriety created by any conflict between official duties and an apparent pecuniary interest should be avoided.
(B) Definition Of "Interest": For purposes of this section through section 1-11-16 of this chapter, "interest" shall mean a direct or indirect pecuniary interest accruing to a "person affected" as defined in section 1-11-2 of this chapter whether in that person's own name or the name of any person or trust from which the person is entitled to receive any financial benefit as a result of a contract or transaction that is or will become the subject of an official act by the affected person with the city.
"Interest" shall not include any such benefit accruing as a result of any such contracts or transactions that by their terms and substance confer on all other citizens of the city the opportunity and right to realize similar benefits. (Ord. 0-44-88, 12-19-1988)