No person shall be eligible to the office of Councilman unless he shall be a qualified elector and reside within the City, nor shall he be eligible if he is in arrears in payment of any tax or other liability due the City. No Councilman shall be interested either directly or indirectly in any contract to which the City is a party. No person shall be eligible to the office of Councilman if he shall have been convicted of malfeasance, bribery, or other corrupt practices or crimes. No Councilman shall be eligible to any office, the salary of which is paid out of the City Treasury, during his term as Councilman, nor shall he be engaged in any business transaction, either directly or indirectly, or individually, or as a member of a firm or corporation with the City whereby any money is to be paid directly or indirectly by the City to such member, firm or corporation.
(Prior Code, Art. 1, § 1.3(b))