The City shall not enter into any purchase, procurement, or contract involving services or property of a value in excess of five thousand and no/100 dollars ($5,000.00), exclusive of applicable taxes, or in the event of more than one purchase, procurement, or contract which for the fiscal year will in the aggregate exceed the total sum of five thousand and no/100 dollars ($5,000.00) with any business in which an elected official has a controlling interest. Any purchase, procurement, or contract entered into by the City with a business in violation of this section is void. (Added by vote, March 1, 1994.)