Agenda Packets - 1986/01/22 - Laserfiche WebLink

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471.87 PUBLIC OFFICERS, INTEREST IN CONTRACT; PENALTY. Except as authorized in section 471.88, a public officer who is authorized to take part in any manner in making any sale, lease, or enntract in his official capacity shall not voluntarlly have a Per- sonal financial interest 1n that sale, lease, or contract or per- r sonally benefit financially therefrom. Every public officer who violates this provision is guilty of a gfoee misdemeanor. 471.88 EXCEPTIONS. Subd. 1. The governing body of any port authority, seaway port authority, town, school district, hospital district, county, or city, by unanimous vote, may contract for goods or services with an Interested officer of the governmental unit in any of the toliowinq cases. Subd. 2. in the designation of a beak ur savings asaxiation ..,. c. th, o. .... is Interested as in authorized Depository for public funds and a • a source of borrowing, no restriction shall apply to the deposit or borrowing of any funds or the designation of a depository by such authority or governmental unit ir. any bank or savings association in which a member of the authority or officer of a governmental unit shall have an interest Li suuh depo- sited funds are protected in accordance with chapter 118; provided, however, that any member or officer having such an interest shall disclose that he is a directcr or employee of the bank or savings association, which disclosure shall be entered upon the minutes of the authority or governmental unit, such disclosure shall he made when such bank or savings association is first designated as a depository or as a source of borrowing, or when such member or otticer is elected whichever is later, and s.:ch disc'loeure shall serve as notice of such interest and need not he mode with each successive transaction, Subd. 3. The designation of an official newspaper, or publica- tion of official matters therein, in which the officer is !nterceted when it is the orly newspaper complying with statutory cr charter requirements relating to the designation or publication; Subd, A. A contract with a cooperative association of which the officer is a sha:ahoMer or stockholder bit not an officer or "nager; Subd. 5. A contract for which competitive bids are not required by law and where the amount does not exceed $5,00n. Subd. 6. A contract with a volunteer fire department for the payment of compensation to its members or for the payment of retirement benefits to these members; Subd. 7. A contract w,th a municipal bond fat the payment of compensation to its srambers, Subd. 8. Contracts for goods or services when the considera- tion does not exceed $5,000 in any year and the contractinq govern- mental unit has a populotiun of less tha,9 S,OCO; `