This bill amends the law governing conflicts of interest by municipal officers in the awarding of municipal contracts by making voidable a contract made by a municipality during the term of an official of the municipality involved in the negotiation or award of the contract who has a direct or an indirect pecuniary interest in the contract even if the contract was obtained through properly advertised bid procedures. The bill also creates a new exception to the voidability of municipal contracts if the municipality determines that no other option is feasible but to award a municipal contract to an official who is an officer, director, partner, associate, employee or stockholder of a private corporation, business or other economic entity to which the question relates or with which the unit of a municipality contracts. In this case, the municipality must appoint an independent board of 3 residents to address grievances against the business practices of the officer, director, partner, associate, employee or stockholder of a private corporation, business or other economic entity for the life of the contract.