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ITEM 17. Prohibited Interests <br /> Neither the Participant nor any of its contractors or their <br /> subcontractors shall enter into any contract, subcontract, or <br /> arrangement in connection with the Pro�ect or any property included <br /> or planned to be included in the Pro�ect, in which any member, <br /> officer, or employee of the Participant or the locality in which the <br /> Participant operates during his tenure of office or for one year <br /> thereafter, has any interest direct or indirect. If any such <br /> present or former member, officer or employee involuntarily acquires <br /> or had acquired prior to the beginning of his tenure any such <br /> interest, and if such interest is immediately disclosed to the <br /> Participant and such disclosure is entered upon the minutes of the <br /> Participant, the Participant, with the prior approval of the <br /> Department, may waive the prohibition contained in this subsection: <br /> provided, that any such present member, officer or employee shall <br /> not participate in any action by the Participant or the locality <br /> relating to such contract, subcontract, or arrangement. <br /> The Participant shall insert in all contracts entered into in <br /> connection with the Project or in connection with any property <br /> included or planned to be included in any Project, and shall require <br /> its contractors to insert in each of their subcontracts, the <br /> following provision: <br /> "No member, officer, or employee of the Participant or of the <br /> locality shall have during this tenure or for one year <br /> thereafter any interest, direct or indirect, in this contract or <br /> the proceeds thereof." <br /> The provision of this subsection shall not be applicable to any <br /> Agreement between the Participant and its fiscal depositories, or to <br /> any Agreement for utility services for which the rates are fixed or <br /> controlled by a government agency. <br /> 15 <br />