No member of the Council, and no officer or employee of the city, shall be or become directly or indirectly financially interested in, or with the performance of, any contract, work, or business, or in the sale of any article, the expense, price or consideration of which is payable from the City Treasury, or in the purchase or lease of any real estate or property belonging to or taken by the city, or which shall be sold for taxes or assessments or by virtue of legal process at the suit of the city; provided, however, that any member of a board, commission or committee serving without compensation may contract to sell personal or real property to the city to be used by a department of the city, board, commission or committee other than the board, commission, or committee on which he serves; and provided further, that no officer or employee shall be deemed to be financially interested, within the meaning of the foregoing provisions, if such interest is not a prohibited interest under, and disclosure is made in accordance with the provisions of Article 4, Chapter 1, Division 4, Title 1 of the Government Code of the State of California as the same now exists or may hereafter be amended, or under the provisions of the Political Reform Act of 1974 as the same now exists or may hereafter be amended or an applicable local conflict of interest code adopted pursuant to said Political Reform Act of 1974.
Any member of the Council, or any officer or employee of this city, violating the provisions of this section, or who shall be directly or indirectly interested in any franchise, right, or privilege granted by the city while he is such officer, member, or employee, unless the same shall devolve upon him by law, shall forfeit his office or employment, and be forever disqualified from holding any position in the service of the city; and all contracts made, or rights or franchises granted, in violation of this section shall be absolutely void.