§ 2-16. Summary of policy.

(a)

Conflicts of interest. V.T.C.A., Local Government Code ch. 171, as applied and extended by this article governs situations where a city representative or close relative:

(1)

Owns ten (10) percent or more of the voting stock or shares of a business; or

(2)

Owns fifteen thousand dollars ($15,000.00) or more of the fair market value of a business; or

(3)

Receives funds received from a business constitute ten (10) percent of the city representative's gross income from the previous year; or

(4)

Owns an equitable or legal interest with a fair market value of two thousand five hundred dollars ($2,500.00) or more to a piece of real estate; and

(5)

Is in a position to vote or make a decision on any matter involving the business or real estate in his or her capacity as a city representative. In such circumstances such city representative must file the conflict of interest affidavit attached to this article with the city secretary and abstain from further participation in the matter.

(b)

Disclosure of relationship. V.T.C.A., Local Government Code ch. 176, as applied and extended by this article governs a situation where a city representative or close family member has an employment or business relationship with a person that results in taxable income to the city representative or close family member, or the city representative or close family member has received gifts with an aggregate value of more than two hundred fifty ($250.00) in the twelve (12) months prior to the contract from a person, and that person contracts or seeks to contract for the sale or purchase of property, goods, or services with the City of Waxahachie. In such circumstances such city representative must file the disclosure statement attached to Ordinance No. 2356 with the city secretary.

(c)

Disclosure of interest in property to be acquired with public funds. V.T.C.A., Government Code ch. 553, as applied and extended by this article governs situations where a city representative has a legal or equitable interest in property that is to be acquired with public funds. In such circumstances such city representative must file the affidavit of disclosure of interest in property with the city secretary.

(Ord. No. 2356, 1-17-06)