§ 12.03. PERSONAL FINANCIAL INTEREST

  No member of the City Council or employee of the City shall have a financial interest, direct or indirect, in contract with the City, nor shall be financially interested, directly, in the sale to the City of any land, or rights or interest in any land, materials, supplies, or service. The above provision shall not apply where such stock ownership amounts to less than one percent (1%) of the corporation stock or as falls within the scope of Article 2529c of the revised Civil Statutes of Texas as now or hereafter amended. Any willful violation of this section shall constitute malfeasance in office, and any officer or employee of the City found guilty thereof shall thereby forfeit his office or position. Any violation of this section with the knowledge, express or implied, of the persons or corporation contracting with the City shall render the contract voidable by the City Manager or the City Council.