65 ILCS 5/4-8-6
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 4 - Commission Form Government

 (from Ch. 24, par. 4-8-6)Sec. 4-8-6.   (a) No officer or employee elected or appointed under  this article shall be interested, directly or indirectly, in his own  name or in the name of any other person, association, trust or  corporation, in any contract for work or materials, or profits thereof,  or services to be furnished or performed for the municipality or for any  person operating a public utility wholly or partly within the  territorial limits of the municipality.(b) However, any elected or appointed member of the governing body  may provide materials, merchandise, property, services or labor, if:A.  the contract is with a person, firm, partnership,     association, corporation, or cooperative association in which such interested member of the governing body of the municipality has less than a 7 1/2% share in the ownership; andB. such interested member publicly discloses the     nature and extent of his interest prior to or during deliberations concerning the proposed award of the contract; andC. such interested member abstains from voting on the     award of the contract, though he shall be considered present for the purposes of establishing a quorum; andD. such contract is approved by a majority vote of     those members presently holding office; andE. the contract is awarded after sealed bids to the     lowest responsible bidder if the amount of the contract exceeds $1500, or awarded without bidding if the amount of the contract is less than $1500; andF. the award of the contract would not cause the     aggregate amount of all such contracts so awarded to the same person, firm, association, partnership, corporation, or cooperative association in the same fiscal year to exceed $25,000.(c) In addition to the above exemption, any elected or appointed  member of the governing body may provide materials, merchandise,  property, services or labor if:A. the award of the contract is approved by a     majority vote of the governing body of the municipality provided that any such interested member shall abstain from voting; andB. the amount of the contract does not exceed $1000;     andC. the award of the contract would not cause the     aggregate amount of all such contracts so awarded to the same person, firm, association, partnership, corporation, or cooperative association in the same fiscal year to exceed $2000; andD. such interested member publicly discloses the     nature and extent of his interest prior to or during deliberations concerning the proposed award of the contract; andE. such interested member abstains from voting on the     award of the contract, though he shall be considered present for the purposes of establishing a quorum.(d) A contract for the procurement of public utility services by a  municipality with a public utility company is not barred by this Section  by one or more members of the governing body being an officer or  employee of the public utility company or holding an ownership interest  of no more than 7 1/2% in the public utility company, or holding an ownership  interest of any size if the municipality has a population of less than 7,500  and the public utility's rates are approved by the Illinois Commerce Commission.  An elected or  appointed member of the governing body having such an interest shall be  deemed not to have a prohibited interest under this Section.(e) Any officer who violates this Section is guilty of a Class 4  felony and in addition thereto any office held by such person so  convicted shall become vacant and shall be so declared as part of the  judgment of the court.(f) Nothing contained in this Section, including the restrictions  set forth in subsections (b), (c) and (d), shall preclude a contract of  deposit of monies, loans or other financial services by a municipality  with a local bank or local savings and loan association, regardless of  whether a member or members of the governing body of the municipality  are interested in such bank or savings and loan association as an  officer or employee or as a holder of less than 7 1/2% of the total  ownership interest. A member or members holding such an interest in such  a contract shall not be deemed to be holding a prohibited interest for  purposes of this Act.  Such interested member or members of the  governing body must publicly state the nature and extent of their  interest during deliberations concerning the proposed award of such a  contract, but shall not participate in any further deliberations  concerning the proposed award.  Such interested member or members shall  not vote on such a proposed award.  Any member or members abstaining  from participation in deliberations and voting under this Section may be  considered present for purposes of establishing a quorum.  Award of such  a contract shall require approval by a majority vote of those members  presently holding office.  Consideration and award of any such contract  in which a member or members are interested may only be made at a  regularly scheduled public meeting of the governing body of the  municipality.(g) This Section applies only to an officer or employee elected or appointed under this Article who is a member of the board of an investor-owned public service corporation.   (Source: P.A. 98-128, eff. 8-2-13.)