(a) A Council member shall declare any substantial financial interest that the member has in any official action and ask to be excused from the matter.
(b) The presiding member shall rule on the request by the member of the City Council to be excused from the vote.
(c) A decision of the presiding member on the request of the City Council member to be excused from a vote may be overridden by the majority of the vote of the City Council.
(d) A municipal employee or official other than a member of the City Council may not participate in official action in which the employee or official has substantial financial interest.
(e) A City Council member can serve as a contract employee of the city as follows:
(1) If the majority of the City Council approves the contract employment on a case by case basis upon a finding that the contract of such employee serves in the best interest of the city.
(2) Any such Council member employed on a contract basis as set forth in division (a) shall abstain from taking any action as a Council member when such action results in a direct or substantial conflict with the members duties as a contract employee.