No officer or employee of the city shall have a financial interest, direct or indirect, in any contract with the city or be financially interested, directly or indirectly in the sale to the city of any land, materials, supplies, or services except:
(A) When such officer or employee is acting on behalf of the city;
(B) When such contract is let by competitive bidding;
(C) When such contract is for necessary supplies or services for the city which are unobtainable elsewhere for sale at lower cost or are being furnished to the city as a part of a continuing course of dealings established prior to the association by the officer or employee with the city, and the entire transaction is conducted at arm’s length with full knowledge by the city of the financial interest of the officer or employee;
(D) When the financial interest of such officer or employee consists solely of employment in a non- management or non-supervisory capacity by the party contracting with the city.
When an officer or employee of the city shall have a financial interest, directly or indirectly, and is applying under the exceptions (B) and/or (C), said contracts and service bids shall be submitted for approval to the city commission. A declaration of acknowledgment of the officer or employee with a financial interest, directly or indirectly, stating the date of association with parties involved, shall be made part of said bids or service agreements submitted to the city commission.
Any willful violation of this section shall constitute malfeasance in office, and any officer or employee found guilty thereof shall thereby forfeit his office or position. Any violation of this section with the knowledge, expressed or implied, of the person or corporation contracting with the city shall render the contracts involved voidable by the city manager or the commission.
(Adopted by the electorate, November 6, 1979 – Amending Ordinance No. 52-79)