A. Purchase or Sale: No Village officer shall be interested, directly or indirectly, in his or her own name or in the name of any other person, in any contract, work or business of the Village or in the sale of any article, whenever the expense, price or consideration of the contract, work, business or sale is paid either from the treasury or by any assessment levied by any statute or ordinance. No Village officer shall be interested, directly or indirectly, in the purchase of any property which:
1. Belongs to the Village; or
2. Is sold for taxes or assessments; or
3. Is sold by virtue of legal process at the suit of the Village.
B. Voting By Officer: No Village officer may be in any manner interested, either directly or indirectly, in his or her own name or in the name of any other person, in any contract or the performance of any work in the making or letting of which such officer may be called upon to act or vote. No such officer may represent, either as agent or otherwise, any person with respect to any application or bid for any contract or work in regard to which such officer may be called upon to vote. Nor may any such officer take or receive, or offer to take or receive, either directly or indirectly, any money or other thing of value as a gift or bribe or means of influencing his or her vote or action in his or her official character. Any contract made and procured in violation hereof is void.
C. Exceptions: However, any elected or appointed member of the Corporate Authorities may provide materials, merchandise, property, services or labor if:
1. The contract is with a person in which such interested member of the Corporate Authorities of the Village has less than a seven and one-half percent (7 ½%) share in the ownership; and
2. Such interested member publicly discloses the nature and extent of his or her interest prior to or during deliberations concerning the proposed award of the contract; and
3. Such interested member abstains from voting on the award of the contract, though he or she shall be considered present for the purposes of establishing a quorum; and
4. Such contract is approved by a majority vote of those members presently holding office; and
5. The contract is awarded after sealed bids to the lowest responsible bidder if the amount of the contract exceeds one thousand five hundred dollars ($1,500.00), but the contract may be awarded without bidding if the amount is less than one thousand five hundred dollars ($1,500.00); and
6. The award of the contract would not cause the aggregate amount of all such contracts so awarded to the same person in the same fiscal year to exceed twenty five thousand dollars ($25,000.00).
D. Additional Exceptions: In addition to the above exemptions, any elected or appointed member of the Corporate Authorities may provide materials, merchandise, property, services or labor if:
1. The award of the contract is approved by a majority vote of the Corporate Authorities of the Village provided that any such interested member shall abstain from voting; and
2. The amount of the contract does not exceed one thousand dollars ($1,000.00); and
3. The award of the contract would not cause the aggregate amount of all such contracts so awarded to the same person in the same fiscal year to exceed two thousand dollars ($2,000.00); and
4. Such interested member publicly discloses the nature and extent of his or her interest prior to or during deliberations concerning the proposed award of the contract; and
5. Such interested member abstains from voting on the award of the contract, though he or she shall be considered present for the purposes of establishing a quorum.
E. Public Utility: A contract for the procurement of public utility services by the Village with a public utility company is not barred by this chapter by one or more members of the Corporate Authorities being an officer or employee of the public utility company or holding an ownership interest of no more than seven and one-half percent (7 ½%) in the public utility company or holding an ownership interest of any size if the Village then has a population of less than seven thousand five hundred (7,500) and the public utility's rates are approved by the Illinois Commerce Commission. An elected or appointed member of the Corporate Authorities having such an interest shall be deemed not to have a prohibited interest under this chapter.
F. Local Financial Institutions: Nothing contained in this Chapter shall preclude a contract of deposit of monies, loans or other financial services by the Village with a local bank or local savings and loan association, regardless of whether a member or members of the Corporate Authorities are interested in such bank or savings and loan association as an officer or employee or as a holder of less than seven and one-half percent (7 ½%) of the total ownership interest. A member or members holding such an interest in such a contract shall not be deemed to be holding a prohibited interest for purposes of this chapter if:
1. Such interested member or members of the Corporate Authorities must publicly state the nature and extent of their interest during deliberations concerning the proposed award of such a contract but shall not participate in any further deliberations concerning the proposed award.
2. Such interested member or members shall not vote on such a proposed award.
3. Any member or members abstaining from participation in deliberations and voting under this Chapter may be considered present for purposes of establishing a quorum.
4. Award of such a contract shall require approval by a majority vote of those members presently holding office.
5. Consideration and award of any such contract in which a member or members are interested may only be made at a regularly scheduled public meeting of the governing body of the municipality. (Ord. 2021-O-10, 8-3-2021)