§ 34-3. Prohibited direct and indirect financial interest of city employee.

(a)

Direct financial interest. A city employee shall be deemed to have 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 employee has the following interest in a business entity, or in the real property, and the business entity or related 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 real estate involved in the subject transaction; or

(4)

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

(b)

Indirect financial interest of a city employee. A city employee shall be deemed to have a prohibited indirect financial interest if his or her spouse has a direct financial interest as defined in subsection (a) above.

(Ord. No. 2003-O-168, § 103, 8-4-03)