A. Definitions: For purposes of this section, the following terms shall have the meanings ascribed to them in this subsection:
EMPLOYEE: Any person who is employed by a municipality more than ten (10) hours in a week for more than thirteen (13) consecutive weeks and who enters into, recommends or participates in the decision to enter into any transaction described in subsection B of this section. Any person who receives wages, reimbursement for expenses, or emoluments of any kind from a municipality, any spouse of the person, or any business in which the person or spouse has a proprietary interest shall not buy or otherwise become interested in the transfer of any surplus property of a municipality or a public trust of which the municipality is beneficiary unless the surplus property is offered for sale to the public after notice of the sale is published.
PROPRIETARY INTEREST: Ownership of more than twenty five percent (25%) of the business or of the stock therein or any percentage which constitutes a controlling interest but shall not include any interest held by a blind trust.
B. Involvement In Financial Transactions Restricted: Except as otherwise provided by this section, no city officer or employee, or any business in which the officer, employee, or spouse of the officer or employee has a proprietary interest, shall engage in:
1. Selling, buying, or leasing property, real or personal, to or from the city;
2. Contracting with the city; or
3. Buying or bartering for or otherwise engaging in any manner in the acquisition of any bonds, warrants, or other evidence of indebtedness of the city.
C. Employees Of Financial Institutions Serving On Board Of Public Body: Notwithstanding the provisions of this section, any officer, director or employee of a financial institution may serve on a board of a public body; provided, the member shall abstain from voting on any matter relating to a transaction between or involving the financial institution in which they are associated and the public body in which they serve.
D. Violation; Consequences: Any person convicted of violating the provisions of this section shall be guilty of an offense. Any transaction entered into in violation of the provisions of this section is void. Any member of a governing body who approves any transaction in violation of the provisions of this section shall be held personally liable for the amount of the transaction. (2003 Code)