§ 11.02. Personal interest.

No officer or employee of the City shall have a financial interest, direct or indirect, in any contract with the City, nor shall be financially interested, directly or indirectly, in the sale to the City of and [any] land, or rights or interest in any land, materials, supplies or service. The above provision shall not apply in any case where the sale to the City of any land or an interest therein is made in a condemnation proceeding or under threat of condemnation, or where the interest is represented by ownership of stock in a corporation involved, provided such stock ownership amounts to less than one (1) percent of the corporation's stock. Any violation of this section shall constitute malfeasance in office, and any officer or employee of the City found guilty thereof shall thereby forfeit his office or position. Any violation of this section with the knowledge, expressed or implied, of the person or corporation contracting with the City shall render the contract voidable by the City Manager or the City Council.

(Amended 1-17-1987)