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<br /> City Council <br /> Special Meeting Minutes <br /> January 25, 2006 <br /> Page 3 of 8 <br />Code of Ethics, but addressed in C.R.S., then the provisions of C.R.S. will apply. <br />SECTION 5-7 OF THE LOUISVILLE CODE OF ETHICS - DEFINITIONS <br />1. "Interest" means a pecuniary, property, or commercial benefit, or any <br /> other benefit the primary significance of which is economic gain or the <br /> avoidance of economic loss. <br />2. Interest of the following persons and entities shall be deemed to <br /> constitute an interest of the officer, public body member or employee: <br /> . Relatives <br /> . Business in which the official/employee is an officer, director, <br /> employee, partner, principal, member or owner (other than <br /> stockholder). <br /> . Business in which the official/employee controls more than 1 % of <br /> the outstanding shares. <br /> . Any business entity in which the public body member/employee is <br /> an officer, director, employee, partner, principal member or owner <br /> (other than stockholder) where the business entity is seeking to <br /> advance financial benefit through an official action of the City, if the <br /> officer would be directly or indirectly involved in making the <br /> decision. <br /> . "Interest" is deemed to continue for 1 year after the officer or <br /> employee's actual interest has ceased. <br /> . Any corporation whether for profit or nonprofit, governmental entity, <br /> business, trust, limited liability company, partnership, association, <br /> or other legal entity. <br /> . Any form of business, sole proprietorship, firm or venture, carried <br /> on for profit. <br />SECTION 5-7 OF THE LOUISVILLE CODE OF ETHICS - STANDARDS <br />Conduct relating to public contracts. Section 5-9(b): No official/employee who <br />has the power or duty to perform, or has any influence over, and official action <br />related to a contracts shall: <br />(a) Have an interest in a contract between a business entity and the City <br /> (unless the City's procedures applicable to the solicitation and <br /> acceptance of such contract are followed and unless the <br /> official/employee has complied with Section 5-10). <br />(b) Have an interest in a business entity that has a contract with the City <br /> (unless the City's procedures applicable to the solicitation and <br />