Except as provided by Sections 49-1499.01 and 70-624.04, N.R.S., 1943, no officer may have an interest in any contract to which the city or anyone for its benefit, is a party. The existence of such an interest in any contract renders the contract voidable by decree of a court of proper jurisdiction as to any person who entered into the contract or took assignment thereof with actual knowledge of the prohibited conflict. An action to have a contract declared void under this section may be brought by the city or any resident thereof, and must be brought within one year after the contract is signed or assigned. The decree may provide for the reimbursement of any person for the reasonable value of all money, goods, material, labor or services furnished under the contract, to the extent the city has benefited thereby. This prohibition shall apply only when the officer or his or her parent, spouse or child has a business association as defined by Section 49-1408, N.R.S., 1943, as amended or will receive a direct pecuniary fee or commission as a result of the contract.
Source: Ord. No. 3152, § 2, 9-7-83; Ord. No. 3220, § 2, 5-21-84; Ord. No. 3626, § 2, 2-21-89