The following definitions shall be applicable when the following defined terms are used in this section:

1. “Elected Official” means any City Commissioner or Mayor elected to that position or appointed to fulfill a vacancy pursuant to Section 4-5.

2. “Financial Interest” means an interest held by a person, that person’s spouse, or minor children, which is an ownership interest in a business, corporation, partnership, sole proprietorship, firm, or organization.

3. “Controlling Interest” means an interest which is greater than fifty percent (50%) and shall include aggregate interest of a person, that person’s spouse, or minor children. (Added by vote, March 1, 1994.)