Such Commissioners shall have the qualifications prescribed by the laws of the state as from time to time amended and shall qualify as therein provided; and shall exercise and enjoy the rights and powers and assume the duties and obligations conferred and imposed by said Act, including but not limited to the following qualifications:
   (A)   A Redevelopment Commissioner must be at least 18 years of age and must be a resident of the city.  If a Commissioner ceases to be qualified under this section, he or she forfeits his or her office.
   (B)   No City Redevelopment Commissioner shall receive a salary; but such Redevelopment Commissioners are entitled to reimbursement for expenses necessarily incurred in the performance of their duties.
   (C)   A Redevelopment Commissioner may not have a pecuniary interest in any contract, employment, purchase or sale made under the provisions of this subchapter and the underlying statutes.  However, any property required for redevelopment purposes in which a Commissioner has a pecuniary interest may be acquired, but only by a gift or condemnation.  A transaction made in violation of this section is void.
(Ord. 20-9-88, passed 10-11-88)