§ 1-6. Interests in Contracts, Sales, or Purchases.
A. Town officials or employees shall not be interested in any contract made by them in their official capacity or by any body, agency, or board of which they are members or employees. A former employee may not, within six (6) months following the termination of their employment, contract or be employed by an employer who contracts with the Town involving matters with which they were directly involved during their employment. For purposes of this Section, the term:
(1) “Be interested in” does not include holding a minority interest in a corporation.
(2) “Contract” does not include:
(a) Contracts awarded to the lowest responsible bidder based on competitive bidding procedures;
(b) Merchandise sold to the highest bidder at public auctions;
(c) Investments or deposits in financial institutions which are in the business of loaning or receiving moneys;
(d) A contract with an interested party if, because of geographic restrictions, the Town could not otherwise reasonably afford itself of the subject of the contract. It shall be presumed that the Town could not otherwise reasonably afford itself of the subject of a contract if the additional cost to the Town is greater than ten percent (10%) of a contract with an interested party or if the contract is for services that must be performed within a limited time period and no other contractor can provide those services within that time period.
(e) A contract with respect to which any Town official or employee has disclosed a personal interest and has not voted thereon or with respect to which any member of the governing body of a local government has voted thereon in accordance with C.R.S. §§ 24-18-109(3)(b) or 31-4-404(3). Any such disclosure shall be made to the Town Council, for Town officials and employees.
B. Town officials shall not be purchasers at any sale or vendors at any purchase made by them in their official capacity.
C. Any contract made in violation of this Section shall be voidable at the instance of any party to the contract except the Town official or employee interested therein. (Ord. No. 2022-06 §2 (Exh. A)).