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471.87. Public officers, interest in contract; penalty <br /> Except as authorized in section 471.88, a public officer who is authorized to <br /> • take part in any manner in making any sale, lease, or contract in official <br /> capacity shall not voluntarily have a personal financial interest in that sale, <br /> lease, or contract or personally benefit financially therefrom. Every public <br /> officer who violates this provision is guilty of a gross misdemeanor. <br /> Laws 1951, c. 379, § 1. Amended by Laws 1955, c. 41, § 1; Laws 1986, c. 444. <br /> 471.88. Exceptions <br /> Subdivision 1. The governing body of any port authority, seaway port <br /> authority, economic development authority, town, school district, hospital dis- <br /> trict, county, or city, by unanimous vote, may contract for goods or services <br /> with an interested officer of the governmental unit in any of the following cases. <br /> . Subd. 2. In the designation of a bank or savings association in which the <br /> officer is interested as an authorized depository for public funds and as a <br /> source of borrowing, no restriction shall apply to the deposit or borrowing of <br /> any funds or the designation of a depository by such authority or governmental <br /> unit in any bank or savings association in which a member of an authority or <br /> officer of a governmental unit shall have an interest if such deposited funds are <br /> protected in accordance with chapter 118; provided, however, that any mem- <br /> ber or officer having such an interest shall disclose that the member is a <br /> director or employee of the bank or savings association, which disclosure shall <br /> be entered upon the minutes of the authority or governmental unit, such <br /> disclosure shall be made when such bank or savings association is first <br /> designated as a depository or as a source of borrowing, or when such member <br /> or officer is elected whichever is later, and such disclosure shall serve as notice <br /> of such interest and need not be made with each successive transaction; <br /> Subd. 3. The designation of an official newspaper, or publication of official <br /> matters therein, in which the officer is interested when it is the only newspaper <br /> complying with statutory or charter requirements relating to the designation or <br /> publication; <br /> Subd. 4. A contract with a cooperative association of which the officer is a <br /> shareholder or stockholder but not an officer or manager; <br /> Subd. 5. A contract for which competitive bids are not required by law. <br /> Subd. 6. A contract with a volunteer fire department for the payment of <br /> compensation to its members or for the payment of retirement benefits to these <br /> members; <br /> 600 <br /> •• <br />