(A) Financial Interest Prohibited. 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, or as otherwise described in Article 4 of Division 4 of Title 1 (commencing with Charter Section 1090) of the Government Code of the State.

(B) Forfeiture of Office in the Event of Violation. Any member of the City Council, department head, or other Officer of the City who has a financial interest in any contract, sale, or transaction made by such person in their official capacity, or by any body of which they are a member, in violation of Article 4 of Division 4 of Title 1 (commencing with Charter Section 1090) of the Government Code of the State, or any successor provision thereto, upon conviction thereof, and in addition to any other penalty imposed for such violation, shall forfeit their office or position of employment with the City.

(C) Option to Void Contract, Sale or Transaction. Any contract, sale, or transaction, in which there shall be such an interest, as specified in this Charter Section 509, shall become void at the election of the City, when so declared by resolution of the City Council.