Sec 36-1406. Interest of municipal officer in project or property prohibited

A. An officer of a public housing authority, city, town or county shall not acquire any direct or indirect interest in a housing project or in property included or planned to be included in a housing project of the public housing authority, city, town or county or have any direct or indirect interest in any contract or proposed contract for materials or services to be furnished or used in connection with a housing project.

B. If an officer of a public housing authority, city, town or county owns or controls an interest directly or indirectly in property included or planned to be included in a housing project, the officer shall immediately disclose that interest in writing to the governing body of the public housing authority, city, town or county, and the disclosure shall be entered upon the minutes of the governing body. Failure to disclose the interest is misconduct in office. After making this disclosure, the officer shall not participate in any action by the city, town or county affecting the property.