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<br />l <br />J." <br /> <br />by the Authority shall provide that disadvantaged businesses certified by the City shall be <br />the disadvantaged businesses certified for Authority contracts. <br /> <br />ARTICLE VII <br /> <br />CODE OF ETHICS <br /> <br />Section 1. Policy and Purposes. <br /> <br />(a) It is the policy of the Authority that Directors and officers conduct <br />themselves in a manner consistent with sound business and ethical practices; that the <br />public interest always be considered in conducting corporate business; that the <br />appearance of impropriety be avoided to ensure and maintain public confidence in the <br />Authority; and that the Board establish policies to control and manage the affairs of the <br />Authority fairly, impartially, and without discrimination. <br /> <br />(b) This Code of Ethics' has been adopted as part of the Authority's Bylaws for <br />the following purposes: (a) to encourage high ethical standards in official conduct by <br />Directors and corporate officers; and (b) to establish guidelines for such ethical standards <br />of cond uct. <br /> <br />Section 2. Conflicts of Interest. <br /> <br />(a) Except as provided in subsection (c), a Director or officer is prohibited from <br />participating in a vote, decision, or award of a contract involving a business entity or real <br />property in which the Director or the officer has a substantial interest, if it is foreseeable <br />that the business entity or real property will be economically benefited by the action. A <br />person has a substantial interest in a business (i) if his or her ownership interest is ten <br />percent or more of the voting stock or shares of the business entity or ownership of <br />$15,000 or more of the fair market value of the business entity, or (ii) if the business entity <br />provides more than ten percent of the person's gross income. A person has a substantial <br />interest in real property if the interest is an equitable or legal ownership with a fair market <br />value of $2,500 or more. An interest of a person related in the second degree by affinity <br />or the third degree by consanguinity to a Director or officer is considered a substantial <br />interest. <br /> <br />(b) If a Director or a person related to a Director in the first or second degree by <br />affinity or the first, second, or third degree by consanguinity has a substantial interest in a <br />business entity or real property that would be pecuniarily affected by any official action <br />taken by the Board, such Director, before a vote or decision on the matter, shall file an <br />affidavit stating the nature and extent of the interest. The affidavit shall be filed with the <br />Secretary of the Board. <br /> <br />(c) A Director who has. a substantial interest in a business entity that will <br />receive a pecuniary benefit from an action of the Board may vote on that action if a <br /> <br />11 <br />