§ 3.12. Personal financial interest.

Any city officer or employee who has a financial interest, direct or indirect, or by reason of ownership of stock in any corporation, except a minority interest in a corporation the stock of which is listed on a major stock exchange, in any contract with the city or in the sale of any land, material, supplies, or services to the city, or through a contractor supplying the city shall make known that interest by announcement at a council meeting and shall refrain from voting upon or otherwise participating in his capacity as a city officer or employee in the making of such sale or in the making or performance of such contract. Any city officer or employee who wilfully conceals such financial interest or wilfully violates the requirement of this section shall upon conviction be guilty of malfeasance in office or position and shall forfeit his office or position. Violation of this section with the knowledge, express or implied, of the person or corporation contracted with or making a sale to the city shall render the contract or sale voidable by city council.