It shall be unethical for any City employee to participate directly or indirectly in a procurement contract when the City employee knows that:
A. The City employee or any member of the City employee's immediate family has a financial interest pertaining to the procurement contract; or
B. Any other person, business, or organization with whom the City employee or any member of a City employee's immediate family is negotiating or has an arrangement concerning prospective employment is involved in the procurement contract.
A City employee or any member of a City employee's immediate family who holds a financial interest in a disclosed blind trust shall not be deemed to have a conflict of interest with regard to matters pertaining to that financial interest.
The provisions of this section shall not apply to the Mayor, members of the City Council, and members of appointed boards and commissions of the City, provided the participating person:
A. Makes a declaration on the record of the governing body, board or commission responsible for approving the contract regarding the nature and extent of his or her interest prior to official consideration of the contract;
B. Does not vote on the matter of granting the contract, except that if the number of members of the governing body, board or commission declaring an interest in the contract would prevent the body with all members present from securing a quorum on the issue, then all members may vote on the matter; and
C. Does not act for the governing body, board or commission which is party to the contract as to inspection or performance under the contract in which he or she has an interest.
If such participating person's parent, spouse, or child is an employee of the City, the participating person may vote on all issues of the contract which are generally applicable to (1) all employees or (2) all employees within a classification and do not single out his or her parent, spouse, or child for special action.
Any contract entered into with such participating person shall be subject to applicable competitive bidding requirements and shall be fair and reasonable to the City.
The receiving of deposits, cashing of checks, and buying and selling of warrants and bonds of indebtedness of the City by a financial institution shall not be considered a contract for purposes of this section.