(a) No city officer or employee shall be signatory upon, discuss in an official capacity, vote on any issue concerning or otherwise participate in his or her capacity as a public official or employee in the making of any contract with any person or business:
(1) In which the officer or employee owns a legal or equitable interest exceeding $5,000 or 5%, whichever is less, individually or collectively with his or her spouse;
(2) From which the officer or employee receives, in the current or immediately preceding or succeeding calendar year, any salary, gratuity, other compensation or a contract for or promise or expectation of any such salary, gratuity or other compensation or remuneration having a dollar value of $1,000 or more; or
(3) In which he or she shall hold the position of officer or director, irrespective of the amount of compensation received from or ownership held in the business.
(b) The prohibitions contained in subsection (a) above shall not apply to the following:
(1) Contracts let after competitive bidding has been solicited by published notice; and
(2) Contracts for property or services for which the price or rate is fixed by law.
(Prior Code, § 1-317)