The bill aims to enhance governmental ethics by imposing stricter regulations on local governmental officials involved in major development projects. It mandates that these officials disclose any substantial interests they may have in such projects and prohibits them from participating in decisions or contracts related to these projects if they have a substantial interest. The bill defines "substantial interest" in detail, including financial thresholds and relationships that could create conflicts of interest. Additionally, it allows for the voiding of contracts made in violation of these provisions and establishes enforcement mechanisms, including the ability for the attorney general or local district attorneys to investigate and prosecute violations.

Key amendments to existing law include the addition of new definitions and clarifications regarding the roles of local governmental officers and the nature of substantial interests. The bill also repeals certain existing sections of the law that are now superseded by the new provisions. Violations of the new regulations are classified as a class B misdemeanor, and any local governmental officer convicted of such violations will forfeit their office. The act will take effect upon publication in the statute book, reinforcing the commitment to ethical governance in local development projects.

Statutes affected:
As introduced: 75-4301a, 75-4303a, 75-4306