Section 550.207  Disclosures of Beneficial Interests

a)         Any person who submits a bid in relation to any purchase in excess of $5,000 shall disclose in his proposal on a bidder list the name of each individual having a beneficial interest of more than 7½% in the bidding enterprise and, if the bidder is a corporation, the names of all its officers and directors.  The bidder shall notify the Agency of any changes in its ownership or officers at the time such changes occur.  Where the Agency solicits bids from certain bidders, either because an emergency exists or because the item being purchased is available only from limited sources, and such bidders have not applied to be placed on a bidder list, the Agency need not require compliance with the Section by such bidder.

b)         Any person participating in the making of a contract, or who enters into a contract, on behalf of the Agency with the knowledge that his spouse, child, parent, brother or sister is entitled to receive more than 7½% of the total distributable income, or in which that child, parent, brother or sister, together with his spouse or minor children, is entitled to receive more than 15%, in the aggregate, of the total distributable income of the other contracting party, shall immediately file a written statement setting out the facts of the transaction.  Such statement shall be filed with the Director and be kept available for public inspection. Any such contract is contrary to public policy and may be voided at the option of the Agency unless it is shown to be in the best interests of the Agency.