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Sec. 508.  Illegal Contracts; Financial Interest.
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No member of the City Council, department head or other officer of the City (except a member of any board or commission), shall be financially interested, directly or indirectly, in any contract, sale or transaction to which the City is a party.

No member of any board or commission shall be financially interested, directly or indirectly, in any contract, sale or transaction to which the City is a party and which comes before the board or commission of which such person is a member, for approval or other official action or which pertains to the department, office or agency of the City with which such board or commission is connected.

Any contract, sale or transaction, in which there shall be such an interest, as specified in this section, shall become void at the election of the City, when so declared by resolution of the City Council.

No member of the City Council, department head or other officer of the City, or member of any board or commission shall be deemed to be financially interested, within the meaning of the foregoing provisions, in any contract made with a corporation where the only interest in the corporation is that of a stockholder and the stock so owned shall amount to less than three percent (3%) of all of the stock of such corporation issued and outstanding.

If any member of the City Council, department head or other officer of the City, or member of a board or commission shall be financially interested as aforesaid, upon conviction thereof, shall forfeit the office in addition to any other penalty which may be imposed for such violation of this Charter.

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