No member of the City Council shall be financially interested, directly or indirectly, in any contract, sale or transaction to which the City is a party and neither shall any City official or employee be interested in any contract, sale or transaction to which the City is a party and which comes before said official or employee, or the department of the City with which said official or employee is connected, for official action. Any such contract or transaction in which there shall be such an interest shall become void at the election of the City, when so declared by resolution of the City Council.
No member of the City Council, City official or employee shall be deemed to be financially interested, within the meaning of the foregoing provisions, in any contract made with a corporation by reason of the ownership of stock in such corporation unless said stock owned by said person shall amount to at least three (3%) per cent of all the stock of such corporation issued and outstanding. No City Councilmember or member of any board or commission shall vote on or participate in any contract or transaction in which the Councilmember is directly or indirectly financially interested whether as a stockholder of the corporation or otherwise. If any officer of the City, during the term for which the officer was elected or appointed, shall so vote or participate, or shall be financially interested as aforesaid, upon conviction thereof, the official shall forfeit his or her office.
(Amended at General Municipal Election, November 3, 1992, certified by Res. No. 8503CCS)