§ 3-3-126. Gifts by bidders, offerors, contractors or subcontractors and disclosure of interests.

(a)

No bidder, offeror, contractor or subcontractor shall confer upon any public employee having official responsibility for a procurement transaction any payment, loan, subscription, advance, deposit of money, services or anything of more than nominal value, present or promised, unless consideration of substantially equal or greater value is exchanged.

(b)

Every person upon initiating, advancing or consummating a transaction with the city which involves the purchase or sale of property, services or construction shall disclose as then known to such person and in the manner provided by regulations adopted hereunder any personal interest of a member of council, the city manager and the city attorney and of the spouse of such official. The term "personal interest" as used herein means a personal and financial benefit or liability accruing to a member of council, the city manager or the city attorney, or to such person's spouse. Such interest shall exist by reason of (i) ownership in real or personal property, tangible or intangible; (ii) ownership in a corporation, firm, partnership or other business entity; (iii) income from a corporation, firm, partnership or other business entity; or (iv) personal liability on behalf of a corporation, firm, partnership or other business entity; however, unless the ownership interest in an entity exceeds three percent of the total equity of such entity, or the liability on behalf of an entity exceeds three percent of the total assets of such entity, or the annual income, and/or property or use of such property, from such entity exceeds $10,000 or may reasonably be anticipated to exceed $10,000, such interest shall not constitute a "personal interest" within the meaning of this section.

(c)

A failure to make the disclosure required by subsection (b) shall not be subject to the penalty provided in section 3-3-129 but may result in any or all of the following if and as appropriate: disqualification as a bidder, debarment or suspension from bidding, and rescission of the contract made. Any contract or amendment thereto found to have been made without the complete and true disclosure required by subsection (b) may be declared void and may be rescinded by council within five years of the date of such agreement. When the contract is rescinded, the contractor shall retain or receive only the reasonable value, with no profit or commission, of the property or services furnished prior to the date of receiving notice that the contract has been rescinded. (Ord. No. 2757, 1/22/83, Sec. 1; Ord. No. 2992, Sec. 2, 12/12/84)