City Council Minutes 2014 02 24 SP

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City Council Special Meeting Minutes February 24, 2014 Page 3 of 11 SECTION 5-7 OF THE LOUISVILLE CODE OF ETHICS — DEFINITIONS 1. "Interest" (as in conflict of interest) means a pecuniary, property, or commercial benefit, or any other benefit the primary significance of which is economic gain or the avoidance of economic loss. 2. Interest of the following persons and entities shall be deemed to constitute an interest of the officer, public body member or employee: • Relatives • Business in which the official/employee is an officer, director, employee, partner, principal, member or owner (other than stockholder). • Business in which the official/employee controls more than 1% of the outstanding shares. • Any business entity in which the public body member/employee is an officer, director, employee, partner, principal member or owner (other than stockholder) where the business entity is seeking to advance financial benefit through an official action of the City, if the officer would be directly or indirectly involved in making the decision. • "Interest" is deemed to continue for 1 year after the officer or employee's actual interest has ceased. • Any corporation whether for profit or nonprofit, governmental entity, business, trust, limited liability company, partnership, association, or other legal entity. • Any form of business, sole proprietorship, firm or venture, carried on for profit. SECTION 5-9 OF THE LOUISVILLE CODE OF ETHICS — STANDARDS Conduct relating to public contracts, Section 5-9(b): No official/employee who has the power or duty to perform, or has any influence over, and official action related to a contract shall: (a) Have an interest in a contract between a business entity and the City (unless the City's procedures applicable to the solicitation and acceptance of such contract are followed and unless the official/employee has complied with Section 5-10). (b) Have an interest in a business entity that has a contract with the City (unless the City's procedures applicable to the solicitation and acceptance of such contract are followed and unless the official/employee has complied with Section 5-10). (c) Appear before the City Council (or other public body) on behalf of any business entity that has a contract with the City (Note: No exception based on compliance with Section 5-10).