§ 34-2. Prohibited direct and indirect financial interest of a city officer.

(a)

Direct financial interests. A city officer shall be deemed to have a prohibited direct financial interest in a contract with the city or in the sale of land, materials, supplies or service to the city if the city officer has the following interest in a business entity, or in real property, and the business entity or real property is involved in a contract or transaction as defined herein.

(1)

Ownership of twenty (20) percent or more of the voting stock or shares of the business entity or its subsidiary; or

(2)

Ownership of twenty (20) percent or more of the fair market value of the business entity or its subsidiary; or

(3)

Legal ownership, with a fair market value twenty-five thousand dollars ($25,000.00) or more, in the real estate involved in the transaction; or

(4)

Equitable ownership, with a fair market value of twenty-five thousand dollars ($25,000.00) or more, in the real estate involved in the transaction.

(b)

Indirect financial interest of a city officer. A city officer shall be deemed to have a prohibited indirect financial interest if a parent, child, spouse, father-in-law, mother-in-law, son-in-law or daughter-in-law of the city officer has a direct financial interest as defined in subsection (a) above.

(Ord. No. 2003-O-168, § 102, 8-4-03)