§ 1.1907. Council Member Prohibited from Doing Business with the City.

(a)

Except as provided below, no council member shall have a financial interest in any significant contract or transaction involving the sale or lease of goods, real estate, or services, or the lending of credit, to the city.

(b)

For the purposes of this section, the ownership by a council member or his or her spouse, parent or child of the stock or instruments of debt of a publicly traded company does not give the council member a financial interest in any contracts or transactions that company has with the city, provided that the value of the interest held is less than five (5) percent of the value of the company.

(c)

For the purpose of this section, a contract or transaction is significant only if the total payments made by the city pursuant to the contract or transaction exceed one thousand dollars ($1,000.00) in the aggregate.

(d)

This section does not apply to the city's acquisition by eminent domain proceedings of an interest in land owned by a council member.

(Ord. No. 2008-08, Sec. 1, adopted 6-3-08)