Sec. 2-4-130. Contracts with the Town.
(a) A Town official or employee shall not hold a substantial financial interest in any business or enterprise which is a party to a contract made by such Town official or employee in his or her official capacity, or by any governing body of which he or she is a member or he or she serves, when such official or employee exercises any substantial discretionary authority in connection with such contract.
(b) Any Town official or employee with a financial interest in a business entity involved in any transaction or contract with the Town shall disclose such an interest and shall abstain from voting and officially acting thereon, in accordance with Sections 2-4-60 and 2-4-70 above. In addition, such official or employee shall not personally attempt to influence other Town officials or employees on the matter, unless authorized pursuant to Section 2-4-100 above.
(c) For purposes of this Section, the term contract includes any payment or pecuniary transaction for which a Town official or employee exercises substantial discretionary authority, but does not include:
(1) Contracts awarded to the lowest responsible bidder based on competitive bidding procedures;
(2) Merchandise sold to the highest bidder at public auctions;
(3) Investments or deposits in financial institutions which are in the business of loaning or receiving moneys;
(4) A contract with an interested party if, because of geographic restrictions, the Town could not otherwise reasonably obtain the subject of the contract. It shall be presumed that the Town could not otherwise reasonably afford itself of the subject of a contract if the additional cost to the Town of a contract with an interested party is greater than ten percent (10%) or if the contract is for services that must be performed within a limited time period and no other contractor can provide substantially similar services within that time period.
(d) Every contract made in violation of any of the provisions of this Section shall be voidable at the written request of the Town or any party to the contract, except the Town official or employee interested therein. (Prior code 4.18.130)