No member of the City Council or any officer of the city, shall be directly or indirectly interested in any work, business, or contract, the expense, price, or consideration of which is paid from the City Treasury, or by assessment levied by an ordinance or resolution of the City Council; nor shall be the surety of any person having a contract, work, or business with the city, for the performance of which security may be required, or become surety on the official bond of any officer of the city.
('60 Code, Ch. 7, Art. 59)