§ 29.9-9. Personal Financial Interest.

 In any case where a Municipal officer or official elected or appointed knows or by the exercise or reasonable diligence could know that such person is interested to any appreciable degree, either directly or indirectly, in any contract for the sale or furnishing of any personal property for the use of the Municipality, or for any services to be rendered for such Municipality involving the expenditure by the Municipality of more than three hundred ($300.00) dollars in any year, such persons shall notify Council thereof, and any such contract shall not be passed and approved by Council except by an affirmative vote of at least three-fourths (3/4) of the members thereof. In case the interested officer is a member of Council, such person shall refrain from voting upon said contract. The provisions of this section shall not apply to cases where such officer or official is an employee of the person, firm, or corporation to which money is to be paid in a capacity with no possible influence on the transaction and in which such person cannot possibly be benefited thereby, either financially or in any other material manner. Any officer or officials who shall knowingly violate the provisions of this section shall be liable to the Municipality, and to forfeiture of office.