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Illinois General Assembly - Illinois Compiled Statutes Page 2 of 6 <br /> or she shall be considered present for purposes of <br /> establishing a quorum; and (iv) the contract is <br /> approved by a majority vote of those members <br /> currently holding office. <br /> A municipal officer shall not be deemed' <br /> interested if the officer owns or holds an interest <br /> of 10 or less, not in the officer' s individual name <br /> but through a mutual fund or exchange-traded fund, <br /> in a company, that company is involved in the <br /> transaction of business with the municipality, and <br /> that company' s stock is traded on -a nationally <br /> recognized securities market. <br /> This Section does not prohibit any person <br /> serving on a municipal advisory panel or commission) <br /> or nongoverning board or commission from having and <br /> interest in a contract, work, or business of the', <br /> municipality unless the municipal officer' s duties' <br /> include evaluating, recommending, approving, orl, <br /> voting to recommend or approve the contract, work, ' <br /> or business. <br /> (b) Any elected or appointed member of the,, <br /> governing body may, however, provide materials,, <br /> merchandise, property, services, or labor, subject <br /> to the following provisions under either (1) or (2) : <br /> (1) If: <br /> (A) the contract is with a person, firm, , <br /> partnership, association, corporation, or� <br /> cooperative association in which the <br /> interested member of the governing body of <br /> the municipality member has less than a 7 <br /> 1/2% share in the ownership; <br /> (B) the interested member publicly <br /> discloses the <br /> nature and extent of the interest before o <br /> during deliberations concerning the propose <br /> award of the contract; <br /> (C) the interested member abstains fro <br /> voting on <br /> the award of the contract (though the member <br /> shall be considered present for the purposes <br /> of establishing a quorum) ; <br /> (D) the contract is approved by a <br /> majority vote <br /> of those members presently holding office; <br /> (E) the contract is awarded after sealed <br /> bids to <br /> the lowest responsible bidder if the amount <br /> of the contract exceeds $1, 500 (but the <br /> contract may be awarded without bidding it <br /> http://www.ilga.gov/legislation/ilcs/fulltext.asp?DocName=006500b5 OK3.1... 3/10/2015 <br />