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Illinois General Assembly - Illinois Compiled Statutes Page 4 of 6 <br /> member shall abstain from voting; and <br /> (3) such interested member publicly <br /> discloses the <br /> nature and extent of his interest before or <br /> during deliberations concerning the proposed <br /> award of the contract; and <br /> (4 ) such interested member abstains from <br /> voting on <br /> the award of the contract, though he shall be <br /> considered present for the purposes 04 <br /> establishing a quorum. <br /> (c) A contract for the procurement of publid <br /> utility services by a municipality with a public <br /> utility company is not barred by this Section by one <br /> or more members of the governing body being an <br /> officer or employee of the public utility company,i <br /> or holding an ownership interest in no more than 7 <br /> 1/2o in the public utility company, or holding an <br /> ownership interest of any size if the municipality <br /> has a population of less than 7, 500 and the publi <br /> utility' s rates are approved by the Illinoi <br /> Commerce Commission. An elected or appointed membe�j <br /> of the governing body or a nongoverning board ox <br /> commission having an interest described in this, <br /> subsection (d) does not have a prohibited interest <br /> under this Section. <br /> (d) An officer who violates this Section is <br /> guilty of a Class 4 felony. In addition, any office <br /> held by an officer so convicted shall become vacan <br /> and shall be so declared as part of the judgment o <br /> the court. <br /> (e) Nothing contained in this Section, including <br /> the restrictions set forth in subsections (b) and <br /> (c) , shall preclude a contract of deposit of moneys,' <br /> loans, or other financial services by a municipality <br /> with a local bank or local savings and loam <br /> association, regardless of whether a member of the <br /> governing body of the municipality is interested in <br /> the bank or savings and loan association as . an <br /> officer or employee or as a holder of less than 7I <br /> 1/20 of the total ownership interest. A membel <br /> holding an interest described in this subsection (e) <br /> in a contract does not hold a prohibited interest <br /> for purposes of this Act. The interested member of <br /> the governing body must publicly state the nature <br /> and extent of the interest during deliberations <br /> concerning the proposed award of the contract but <br /> shall not participate in any further deliberations <br /> concerning the proposed award. The interested member <br /> h4://www.ilga.gov/legislation/ilcs/fulltext.asp?DocName=006500�5OK3.1... 3/10/2015 <br />