Except as provided in subsection (4) of this section, a person who ceases to hold a position as a public official may not have a direct beneficial financial interest in a public contract described in subsection (3) of this section for two years after the date the contract was authorized.
Subsection (2) of this section applies to a public contract that was authorized by:
The person acting in the capacity of a public official; or
A board, commission, council, bureau, committee or other governing body of a public body of which the person was a member when the contract was authorized.
Subsection (2) of this section does not apply to a person who was a member of a board, commission, council, bureau, committee or other governing body of a public body when the contract was authorized, but who did not participate in the authorization of the contract. [2007 c.877 §23a; 2009 c.689 §4a]