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2/28/2024 <br />16 <br />Contractual Conflicts <br />What is it? <br />A personal financial interest in a contract with the City. <br />Rule <br />Prohibited unless a statutory exception exists <br />Purpose <br />Protects public money <br />Exceptions <br />•Designating a bank or newspaper <br />•Contracting for goods or services that are not competitively bid <br />•Several other minor exceptions <br />Procedure if a contractual contract exception exists <br />•Disclose interest and abstain from discussions <br />•Abstain from vote <br />•Council must approve contract by unanimous vote <br />•Additional requirements for most exceptions <br />Penalties <br />•Bad press <br />•Contract void <br />•Gross misdemeanor ($3,000/one <br />year prison) <br />Non-contractual Self Interest Conflicts <br />What is it? <br />A personal financial interest in a non-contractual decision <br />Rule <br />Self interest conflicts are prohibited, but the application of the rule is very fact specific <br />Procedure <br />•City Manager will contact City attorney for analysis <br />•Disclose interest and abstain from discussions <br />•Abstain from vote <br />Penalties <br />•Bad press <br />•Council decision can be reversed <br />•Personal liability