Financial interest.
A person has a financial interest if the person has, directly or indirectly, through business, investment, or family:
(1) 
An ownership or investment interest in any entity with which the city has a transaction or arrangement;
(2) 
A compensation arrangement with the city or with any entity or individual with which the city has a transaction or arrangement; or
(3) 
A potential ownership or investment interest in, or compensation arrangement with, any entity or individual with which the city is negotiating a transaction or arrangement.
Interested person.
Any principal officer, member of a board or committee with delegated powers from the board of aldermen, or any member of the board of aldermen, including the mayor and mayor pro-tem, who has a direct or indirect financial interest, as defined below.
In connection with any actual or possible conflict of interest, an interested person must disclose, through filing an affidavit with the city secretary, the existence of the financial interest and be given the opportunity to disclose all material facts to the directors and members of committees delegated by the board of aldermen, or to the board of aldermen itself, that consider the proposed transaction or arrangement.
After disclosure of the financial interest and all material facts, and after any discussion with the interested person, he/she shall leave the board of aldermen or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or committee members shall decide if a conflict of interest exists.
(a) 
An interested person may make a presentation at the board of aldermen or committee meeting, but after the presentation, he/she shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement involving the possible conflict of interest.
(b) 
The mayor, mayor pro-tem, or, if a committee, the chair of the committee, shall, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement.
(c) 
After exercising due diligence, the board of aldermen or committee shall determine whether the city can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest.
(d) 
If a more advantageous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, the board of aldermen or committee shall determine by a majority vote of the disinterested members whether the transaction or arrangement is in the city’s best interest, for its own benefit, and whether it is fair and reasonable. In conformity with the above determination it shall make its decision as to whether to enter into the transaction or arrangement.
(a) 
If the board of aldermen or committee has reasonable cause to believe a member has failed to disclose actual or possible conflicts of interest, it shall inform the member of the basis for such belief and afford the member an opportunity to explain the alleged failure to disclose.
(b) 
If, after hearing the member’s response and after making further investigation as warranted by the circumstances, the board of aldermen or committee determines the member has failed to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and corrective action.
The minutes of the board of aldermen and all committees with delegated powers shall contain:
(1) 
The names of the persons who disclosed or otherwise were found to have a financial interest in connection with an actual or possible conflict of interest, the nature of the financial interest, any action taken to determine whether a conflict of interest was present, and the board of aldermen’s or committee’s decision as to whether a conflict of interest in fact existed.
(2) 
The names of the persons who were present during discussions and votes relating to the transaction or arrangement, the content of the discussion, including any alternatives to the proposed transaction or arrangement, and a record of any votes taken in connection with the proceedings.
(a) 
A voting member of the board of aldermen who receives compensation, directly or indirectly, from the city is precluded from voting on matters pertaining to that member’s compensation.
(b) 
A voting member of any committee whose jurisdiction includes compensation matters and who receives compensation, directly or indirectly, from the city for services is precluded from voting on matters pertaining to that member’s compensation.
(c) 
No voting member of the board of aldermen or any committee whose jurisdiction includes compensation matters and who receives compensation, directly or indirectly, from the city, either individually or collectively, is prohibited from providing information to any committee regarding compensation.
Each director, principal officer, and member of a committee with delegated powers from the board of aldermen shall annually sign a statement which affirms such person:
(1) 
Has received a copy of the conflicts of interest policy;
(2) 
Has read and understands the policy; and
(3) 
Has agreed to comply with the policy.
(Ordinance 2017-16 adopted 12/11/17)