For the purpose of this subchapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
BUSINESS ENTITY. Any business, proprietorship, firm, LLC, partnership, person in representative or fiduciary capacity, association, venture, trust or corporation which is organized for financial gain or for profit.
GIFT. A thing of value presented to a person who does not present, transfer, convey or pay fair value in consideration therefor. Remuneration by the town for services rendered to the town and reimbursement to a town official by the town for travel, meals or other expenses are not GIFTS.
IMMEDIATE HOUSEHOLD. The town official, his or her spouse and all dependent children of the town official.
INTEREST.
(1) Direct or indirect pecuniary or material benefit accruing in a town official as a result of a contract or transaction which is or may be the subject of an official act or action by or with the town.
(2) For the purpose of this subchapter a town official shall be deemed to have an INTEREST in the affairs of:
(a) Any person in his or her immediate household, as such term is defined in this section;
(b) Any business entity in which the town official is an officer, member or director;
(c) Any business entity in which in excess of 5% of the stock of, or legal or beneficial ownership of, is controlled or owned directly or indirectly by the town official; or
(d) Any nonprofit organization on which the Mayor or any member of the Town Council currently serves as an officer, director or board member.
OFFICIAL ACT OR ACTIONS. Any legislative, administrative, appointive or discretionary act of any town official.
TOWN OFFICIAL. The Mayor, members of the Town Council, the Town Manager, the Finance Officer/Assistant Town Manager, the Town Clerk and the Tax Collector.
(Ord. passed 10-6-2009)