(a)
In this section, a "substantial business interest" exists if a "substantial interest in business entity" exists for purposes of Section 171.002 of the Texas Local Government Code, as amended.
(b)
No officer or employee of the city shall have a financial interest, direct or indirect, in any contract with the city, to the extent prohibited by state law, or shall be financially interested, directly or indirectly, in the sale to the city of any land, materials, supplies, or service where such financial interest is prohibited by state law.
(c)
Restrictions relating to city business. An officer or employee may not, while in the service or employment of the city, either individually or as the officer or principal of a business entity:
(1)
Enter into any business relationship with the city in which the officer or employee has a substantial business interest and where the monetary amount of such relationship is in excess of five hundred dollars ($500.00), whether or not the relationship is required by state law to be competitively bid, unless such relationship is authorized in advance by a majority vote of the council present and voting, and duly recorded.
(d)
Any willful violation of this section shall constitute malfeasance in office, and any officer or employee guilty thereof shall thereby forfeit his or her office or position. Any violation of this section, with the knowledge, express or implied, of the person or corporation contracting with the city, shall render the contract involved voidable by the city manager or the council.
(Ordinance 4267, sec. 2, adopted 1/16/93; Sec. 1 amnd. by amendment 7 approved at an election held 5/12/07 and certified by Resolution 5017 adopted 5/22/07)