11-29-00 Meeting of the Tax Increment Reinvestment Zone Number One Minutes

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e 'e CODE OF ETHICS Section 1. Policy and Purposes. (a) .It is the policy of the Authority that Directors and officers conduct them~elves in a manner consistent with sound business and ethical practices; that the public interest always be considered in conducting corporate business; that the appearance of impropriety be avoided to ensure and maintain public confidence in the Authority; and that the Board establish policies to control and manage the affairs of the Authority fairly, impartially, and without discrimination. ' (b) This Code of Ethics has been adopted as part of the Authority's Bylaws for the following purposes: (a) to encourage high ethical standards in official conduct by Directors and corporate officers; and (b) to establish guidelines for such ethical standards of conduct. . Section 2. Conflicts of Interest. (a)' Except as provided in subsection (c), a Director or officer is prohibited from participating in a vote, decision, or award of a contract involving a business entity or rear property in which the Director or the officer has a substantial interest, if it is foreseeable that the business entity or real property will be economically benefited by the action. A person has a substantial interest in a business (i) if his or her ownership interest is ten percent or more of the voting stock or shares of the business entity or ownership of $15,000 or more of the fair market value of the business entity, or (ii) if the bus.iness entity provides more than ten percent of the person's gross income. A person has a substantial interest in real property if the interest is an equitable or legal ownership with a fair market value of $2,500 , or more. An interest of a person related in the second degree by affinity or the third degree by consangui~ity to a Director or officer' is considered a substantial interest. (b) If a Director or a person related to 'a Director in the first or second degree by affinity or the first, second, or third degree by consanguinity has a substantial interest in a business entity or real property that would be pecuniarily affected by any official action taken by the Board, such Director, before a vote or decision on the matter, shalf file an affidavit stating the nature and extent of the interest. The affidavit shall be filed with the Secretary of the Board. (c) A Director who has a substantial interest in a business entity that will receive a pecuniary benefit from an action of the Board may vote on that action if a majority of the Board has a similar interest in the same action or if all other similar business e~tities in the Authority will receive a similar pecuniary bene~t. (d) An.employee of a public entity may serve on.the Board., , J . 1 Acceptance of Gifts. No Director or officer shall accept anY'benefit as Section 3. 11 I I