(a) Except as permitted by this Section, no contract or purchase involving an expenditure in excess of one thousand dollars shall be made by the City in which any officer or any member of his family has any financial interest direct or indirect, other than the common public interest. A "contract" shall for the purposes of this Section include any arrangement or agreement pursuant to which any material, service, or other thing of value is to be furnished to the City for a valuable consideration to be paid by the City, except the furnishing of personal services as an officer or employee of the City. The term "member of his family" shall include only spouse, child, grandchild, father, mother, sister, brother, and the spouse of any of them.
(b) Without limiting the generality of paragraph (a) of this Section, an officer shall be deemed to have a financial interest in a contract if he or any member of his family is an employee, partner, officer, director, or sales representative of the person, firm, or corporation with which such contract is made. Ownership, individually or in a fiduciary capacity, by an officer or member of his family of securities, or of any beneficial interest in securities, of any corporation with which a contract is made or which is a sales representative of any person, firm, or corporation with which such contract is made, shall not be deemed to create a financial interest in such contract, unless the aggregate amount of such securities, or interest in such securities, so owned by such officer and the members of his family, shall amount to ten per cent of all classes of the securities of such corporation then outstanding.
(c) A contract, in which an officer or member of his family has a financial interest, may be made by the City if the members of the Council having no such interest shall unanimously determine that the best interest of the City will be served by the making of such contract and if either such contract is made after competitive bidding or if the members of the Council having no such interest shall unanimously determine that competitive bidding is not feasible in such particular case.
(d) Any officer who knowingly permits the City to enter into any contract in which he has a financial interest without disclosing such interest to the Council prior to the action of the Council in authorizing such contract, shall be guilty of misconduct in office. Except in the instances specified in paragraph (b) of this Section, the unanimous determination, by vote or written instrument, of all members of the Council that, in a particular case, an officer or member of his family will not have a financial interest in any contract to be entered into by the City shall be final and conclusive, in the absences of fraud or misrepresentation.
(e) No officer of the City shall stand as surety on any bond to the City or give any bail for any other person which may be required by the Charter or any ordinance of the City. Any officer of the City who violates the provisions of this paragraph shall be guilty of misconduct in office.
Editor's Note: The provisions of Charter § 5.10 are preempted by MCL 15.321 et seq. See MCL 15.328.