Each elective officer of the municipality shall be a qualified elector of the municipality and shall have resided therein or in territory annexed thereto for a period of at least two (2) years and shall continue to reside therein during his/her term. He/she shall hold no incompatible office, nor shall he/she have any financial interest in any contract to which the municipality is a part, or in any expenditure of money by the municipality other than his/her fixed compensation and traveling or other expenses incidental to the authorized furtherance of the interest of the municipality. In order for a Ward Councilperson to be eligible to run for election as At-Large Councilperson, such Ward Councilperson must resign the office of Ward Councilperson within three business days following certification of his/her candidacy by the Lake County Board of Elections. Likewise, in order for an At-Large Councilperson to be eligible to run for election as Ward Councilperson, such At-Large Councilperson must resign the office of At-Large Councilperson within three business days following certification of his/her candidacy by the Board of Elections. (Amended 11-5-19)