2.73.010 Participation in contracting prohibited.
A. No employee who has a substantial financial and/or personal interest, direct or indirect, in any contract with, or to be made with, the borough or the sale of any land, material, supplies or services to the borough or to a contractor supplying the borough may participate in that person’s capacity as an employee in the making or performance of such contract or the making of such sale.
B. The following shall not constitute a substantial interest prohibited by this section:
1. A contract with a person, business or organization in which an employee has an interest solely by reason of employment as an employee thereof, if the remuneration of such employment will not be directly affected as a result of such contract and the duties of such employment do not directly involve the procurement, preparation or performance of any part thereof;
2. A contract in which an employee has an interest if such contract was entered into prior to the time the person was hired as an employee, but this exception shall in no event authorize a renewal of any such contract;
3. A contract with or sale by a corporation in which an employee has an interest by reason of stockholdings when:
a. The stock of the corporation is listed on a major stock exchange, or
b. Less than 10 percent of the outstanding stock of the corporation is owned or controlled directly or indirectly by such employee;
4. A contract or sale in which an employee has an interest if the total consideration payable thereunder, when added to the aggregate amount of all consideration payable under borough contracts in which such person had an interest during the fiscal year, does not exceed the sum of $2,000. If the borough manager determines a higher sum would be in the best interest of the borough, the assembly may approve the exception by motion. (Ord. 17-10-481 § 10)