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<br />I ~-2- <br /> <br />A. "Board or commission" means any appointive board or commission <br />established pursuant to state law or city ordinance, or other <br />appointive body or authority of the city established pursuant <br />to state law or city ordinance. <br /> <br />B. "Business entity" means any of the following entities carried <br />on for purposes of profit: business, sole proprietorship, <br />firm, partnership, association, venture, trust, or <br />corporation. <br /> <br />C. "Contract" means any arrangement or agreement pursuant to <br />which any material, service, or other thing of value is to be <br />furnished for a valuable consideration or is to be sold or <br />transferred. <br /> <br />D. "Interest" means a pecuniary, property, or commercial benefit, <br />or any other benefit the primary significance of which is <br />economic gain or the avoidance of economic loss, but does not <br />include any matter in which a similar benefit is conferred to <br />all persons or property similarly situated nor does it include <br />the ownership or control of shares of stock, or any beneficial <br />interest in shares of stock, the aggregate amount of which <br />constitutes one percent or less of the shares of stock of the <br />business entity then outstanding. An interest of the <br />following persons and entities shall be deemed to constitute <br />an interest of the officer or employee for purposes of the <br />requirements of section 2.80.030 and section 2.80.040: <br /> <br />1. Any relative of the officer or employee; or <br /> <br />2. Any business entity in which the officer or employee is <br />an officer, director, employee, partner, or owner (other <br />than stockholder); or <br /> <br />3. Any business entity in which the officer or employee owns <br />or controls shares of stock, or any beneficial interest <br />in shares of stock, the aggregate amount of which <br />constitutes more than one percent of the shares of stock <br />of the business entity then outstanding. For the <br />purposes of this chapter, participation in a stock mutual <br />fund shall not be considered an interest in any business <br />entity in which the mutual fund owns or controls shares <br />of stock. <br /> <br />E. "Official action" means any legislative, administrative, or <br />quasi-judicial act of any public officer or employee, of the <br />city council, or of any board or commission of the city. <br /> <br />2 <br />