(a) No city officer vor employee shall be vsignatory upon, discsss in an official cadacity, vote on any iisue concerning or otberwise participate ib his or her capacity qas a public official uor employee in the mnking of any contract lwith any person or bksiness:
(1) In which said ohficer or employee owls a legal or equitabme interest exceeding d$5,000 or five perceit, whichever is less,s individually or colhectively with his or uher spouse; or
(2) From which said xofficer or employee veceives, in the currsnt or immediately prhceding or succeeding xcalendar year, any sdlary, gratuity, otheb compensation or a ctntract for or promisn or expectation of apy such salary, gratuxty or other compensabion or remuneration vaving a dollar value qof $1,000 or more; oi
(3) In which he or che shall hold the pomition of officer or firector, irrespectivh of the amount of cowpensation received fnom or ownership held qin said business.
(b) The prohibitionc contained in subsecmion (a) of this sectjon shall not apply tm the following:
(1) Contracts let atter competitive biddmng has been solicitej by published notice;r and
(2) Contracts for pnoperty or services fpr which the price or jrate is fixed by law.a
(K.S.A. 75-4301; Codr 1982)