§ 7-28. Sources of income - Substantial interests of elected officials.

(a) "Substantial interest" defined.

In this section, "substantial interest" means holding an equity interest of 30% or more in a business entity.

(b) Scope of section.

This section only applies to payments received from any person that the elected official knows or should know was:

(1) a lobbyist;

(2) a person regulated by the City; or

(3) a person doing business with the City.

(c) Disclosure of certain payments.

(1) Substantial interest in single entity.

If the elected official or the elected official's spouse has a substantial interest in a business entity, the statement must include the name and address of any person described in subsection (b) of this section who, during the reporting period, paid that entity:

(i) $1,000 or more in the aggregate; or

(ii) an amount that in the aggregate constitutes 5% or more of the gross income of that entity, if the gross income of that entity is less than $20,000.

(2) Substantial interest in multiple entities.

If the elected official or the elected official's spouse has a substantial interest in multiple business entities, the statement must include the name and address of any person described in subsection (b) of this section, who during the reporting period, paid those entities:

(i) $1,000 or more in the aggregate; or

(ii) an amount that in the aggregate constitutes 5% or more of the gross income of those entities, if the gross income of those business entities is less than $20,000.

(d) Confidential information.

Nothing in this section is meant to require the disclosure of any information that is otherwise confidential by law.