14.06.020 Conflict of Interests

During his tenure and for one (1) year thereafter, no officer or employee of the Authority shall, without first obtaining a waiver from the United States Department of HUD (Housing and Urban Development), voluntarily acquire any interest, direct or indirect in any project or in any property included or planned to be included in any project, or in any contract or proposed contract relating to any project. If any such officer or employee involuntarily acquires any such interest, or voluntarily or involuntarily acquired any such interest prior to appointment or employment as an officer or employee, the officer or employee, in any such event, shall immediately disclose his interest in writing to the Authority and such disclosure shall be entered upon the minutes of the Authority and the officer or employee shall not participate in any action by the Authority relating to the property or contract in which he has any interest. Any violation of the foregoing provisions of this section shall constitute misconduct in the office. This section shall not be applicable to the acquisition of any interest in notes or bonds of the Authority issued in connection with any project, or to the execution of agreements by banking institutions for the deposit or handling of funds in connection with a project or to act as trustee under any trust indenture, or to utility services the rates for which are fixed or controlled by a governmental agency.