2015-11 AUTHORIZING AGREEMENT AND APPOINTING CITY MANAGER Timothy Gleason

Home Browse Search

Illinois General Assembly - Illinois Compiled Statutes Page 1 of 6 Illinois Compiled Statutes ILCS Listinq Public Acts Search Guide Disclaimer Information maintained by the Legislative Reference Bureau Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide. Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law. (65 ILCS 5/3. 1-55-10) Sec. 3. 1-55-10. Interests in contracts. (a) A municipal officer shall not be financially interested directly in the officer' s own name or indirectly in the name of any other person,I association, trust, or corporation, in any contract, work, or business of the municipality or in the sale of any article whenever the expense, price, or consideration of the contract, work, business, or sale is paid either from the treasury or by an assessment levied by statute or ordinance. A municipal officer shall not be interested, dire ctl or indirectly, in the purchase of any property tha (i) belongs to the municipality, (ii) is sold for taxes or assessments, or (iii) is sold by virtue of legal process at the suit of the municipality. For the purposes of this Section only, however, a municipal officer shall not be deemed interested if the officer is an employee of a company or owns or holds an interest of 1% or less in the municipal officer' s individual name in a company, or both, that company is involved in the transaction o business with the municipality, and that company' stock is traded on a nationally recognize securities market, provided the interested member (i) publicly discloses the fact that he or she is a employee or holds an interest of 1% or less in company before deliberation of the proposed award o the contract; (ii) refrains from evaluating, recommending, approving, deliberating, or otherwise participating in the negotiation, approval, or both of the contract, work, or business; (iii) abstains from voting on the award of the contract though h http://www.ilga.gov/legislation/ilcs/fulltext.asp?DocName=006500p5OK3.1... 3/10/2015