An official or employee of the City who has a controlling or other substantial interest in any business entity, transaction or contract with the City, or in the sale of materials, real estate, supplies or services to the City, shall make known to the proper authorities such interest in any matter on which he may be called to act in his official capacity. He shall refrain from voting upon or otherwise participating in the transaction or making such contract or sale.
An official or employee of the City shall not be deemed interested in any contract or purchase of land or other thing of value unless such contract or sale is approved, awarded, entered into or authorized by him in his official capacity.
Any official or employee of the City who willfully conceals such a substantial financial interest or willfully violates the requirements of this section shall be guilty of malfeasance in office or position and shall forfeit his office or position. Violation of this section with the knowledge express or implied, of the person or corporation with or making a sale to the City shall render the contract voidable by Council.
(Ord. 150-66. Passed 3-27-67.)