No elected or appointed officer or employee shall have any financial interest, direct or indirect, in any contract to which the Municipality is a party, or in the expenditure of money by the Municipality, except for his or her lawful compensation and reimbursable expenses.
   In the event that such a conflict arises, the affected member of the Council shall abstain from discussion and voting on the issue or the matter in which he or she has such an interest.
   No member of the immediate family of the Mayor, Council or director of all administrative departments of the Municipality may be employed by the Municipality in any nonclassified employment.
   Any willful violation of this section shall constitute malfeasance in office, and any officer or employee of the Municipality found guilty thereof shall thereby forfeit his or her office or position. Any violation of this section with knowledge expressed or implied of the person or corporation contracting with the Municipality shall render the contract voidable by the Mayor.
   Any removal procedure shall be made in accordance with Section 4.04 of this Charter.
(Amended 11-7-73; 11-6-84)