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HARRY HUGHES, Governor 953
(2) Any firm, corporation, or association in which
the individual, his spouse, or his dependent child, either
jointly or severally, own, in total, more than 3 percent of the
invested capital or capital stock; or
(3) Any firm, corporation, or association from which
the individual, his spouse, or his dependent child, either
jointly or severally, have received combined wages, salaries, or
bonuses of an average of at least $5,000 a year over the 3
previous years.
(b) (1) Except as provided in this subsection, a county
superintendent may not have a direct or indirect financial
interest in any contract or purchase to which the county board in
his county is a party.
(2) A county superintendent who knows or reasonably
may be expected to know that he has a direct or indirect
financial interest in any contract or purchase in which the
county board in his county is or may be in any way concerned,
promptly shall disclose in writing this interest to the State
Superintendent and to the county board.
(3) If the transaction has been approved in writing
by the State Superintendent, and if disclosure is made and the
county superintendent disqualifies himself from acting on the
transaction on behalf of the county board, the transaction may be
completed if it involves:
(i) Making a deposit by the county board in a
bank in which the county superintendent has a financial
interest;
(ii) The purchase of gas, electricity, or other
public utility services from a company in which the county
superintendent has a financial interest;
(iii) Making a contract after any required
publicly advertised competitive bidding with a firm, corporation,
or association in which the county superintendent has a financial
interest; or
(iv) Making a contract to compose threatened or
actual litigation undertaken between the county board and the
county superintendent.
(c) (1) Except as provided in this subsection, a county
board member may not have a direct or indirect financial interest
in any contract or purchase to which the county board in his
county is a party.
(2) A county board member who knows or reasonably may
be expected to know that he has a direct or indirect financial
interest in any contract or purchase in which the county board in
his county is or may be in any way concerned, promptly shall
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