(a) Holding Other Office. During his or her term of office, the Mayor shall hold no other elected public office, nor be employed by the City in any other capacity. No former Mayor shall hold any compensated appointive City office or employment until one year after the expiration of the term for which he or she was elected to office of Mayor. However, any member of any political executive committee shall not be deemed to hold an elected public office within the meaning of this section.
(b) Conflicts of Interest, Penalties. The Mayor shall not vote upon or participate in the furtherance of any matter in which he or she has, either directly or indirectly, a substantial financial or other substantial personal interest, as a member, manager, officer, bondholder or stockholder of any partnership, business, firm or corporation. Such interest shall include, but not be limited to, an interest in any contract furnishing materials, services, or supplies to the City or to any contractor, or workmen for the City, any sale of land to or from the City, any lease to or from the City, annulment of any street, or any special privilege or right which may inure to his or her benefit directly or indirectly, except as such privilege may benefit him or her generally as a citizen of the community.
Concealment of such interest or willful violation of the requirements of this section shall be a malfeasance in office, and the Mayor shall forfeit his or her office. Violation of this section with the knowledge express or implied of the person, or of the corporate officer, agent or employee contracting with the City, shall render voidable by action of the City Council, any transaction prohibited by the preceding paragraph. Removal of the Mayor for violation of the provisions of this section shall be accomplished in the manner provided by law for the removal of elected municipal officers.