For the purpose of this Chapter, terms defined herein shall have the following meaning ascribed to them:
BUSINESS ENTITY: Any business, proprietorship, firm, partnership, person in representative or fiduciary capacity, association, venture, trust or corporation.
CITY: The City of Rosemount, Minnesota.
INTEREST: Direct or indirect financial or material benefit realized by a public 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 City except for such contracts or transactions which confer a similar benefit on a significant number of persons who are not public officials.
For the purposes of this Code, a public official shall be deemed to have an interest in the affairs of:
A. Any person related to him/her by blood or marriage in a degree closer than the fourth degree of consanguinity or affinity (determined by civil law).
B. Any person or business entity with whom a contractual relationship exists with the public official.
C. Any business entity in which the public official is an employee, officer or director or member having a financial interest.
D. Any business entity in which in excess of five percent (5%) of the total stock or total legal and beneficial ownership is controlled or owned directly or indirectly by the public official.
PUBLIC OFFICIAL: Any person, officer or employee holding a position by election, appointment or employment in the service of the City, whether paid or unpaid, including members of any board, committee or commission thereof. (Ord. II.7, 6-1-93)