(A) No city officer or employee who has or whose immediate family member has a substantial financial interest, direct or indirect, in any contract or proposed contract with the City, or in the sale of any land, material, supplies, or services to the City or to a contractor supplying the City, may participate in the making or performance of such contract or the making of such sale while acting in their capacity as a City officer or employee.
(B) The following shall not constitute a substantial financial interest prohibited by this section:
(1) A contract with a person, firm, corporation, limited liability company, or association in which a City officer or employee has an interest solely by reason of employment as an officer or employee thereof where the remuneration of such employment will not be directly affected as a result of such contract, and the duties of such employment do not directly involve the procurement, preparation, or performance of any part thereof;
(2) A contract in which a City officer or employee has an interest if such contract was entered into prior to the time the officer or employee was elected or appointed as such officer or employee, but this exception shall in no event authorize a renewal of any such contract;
(3) A contract with, or sale by, a corporation or, limited liability company or limited partnership in which a City officer or employee has an interest by reason of stockholdings or ownership interest when:
(a) The stock of the corporation is listed on either the New York or American Stock Exchanges, or any other stock exchanges; or
(b) Less than five percent (5%) of the outstanding stock of the corporation or membership interest of the limited liability company or limited partnership is owned or controlled, directly or indirectly, by such officer or employee; or
(4) A contract or sale in which a City officer or employee has an interest if the total consideration payable when added to the aggregate amount of all consideration payable under contracts in which such person had an interest during the fiscal year, does not exceed the sum of one hundred dollars ($100).
(Am. Ord. 2004-04, passed 3-9-04; Am. Ord. 2008-02, passed 3-11-08)