As used in this chapter, the following terms shall have the following meanings unless the context requires otherwise:
A. "Household member"
means any person whose primary residence is in the same home, apartment unit, condominium, mobile home, or other living unit as the primary residence of the office holder.
B. "Immediate family"
means a husband or wife, any dependant natural or adoptive parents, any dependent children, whether natural or adopted, and any dependent stepchildren.
C. "Substantial financial interest"1. 2.
means:
Any interest from which the owner received or will receive more than two thousand five hundred dollars per year;
Any interest received directly or indirectly where the affected office holder possesses or will acquire an ownership interest of two percent or more of a corporation, partnership, firm, enterprise, franchise, organization, holding company, joint stock company, receivership, trust, or any legal entity operated for profit.
Provided, however, that a "substantial financial interest" does not include: | |
1. | Any ownership interest purchased at fair market value or received by inheritance or less than two percent of the shares of a corporation, or any corporate subsidiary, parent or affiliate thereof, regardless of the value of or dividends of such shares, if such shares are registered on a securities exchange pursuant to the Securities Exchange Act of 1934, as amended; |
2. | The authorized compensation paid to an office holder for performance of official audits; |
3. | Any economic benefit provided equally to all or a substantial number of residence of the Borough; |
4. | A time or demand deposit in a financial institution; and |
5. | An endowment or insurance policy or annuity contract purchased from an insurance company. |
(Ord. 93-14 § 1, 1993)