An elected official and any member of such person’s immediate family shall not be a party to, nor have an interest in, the profits or benefits of any governmental contract, program, service, or economic development of the Tribe or of any investment of funds of the Tribe, unless the contract or the investment meets the following requirements:
(a) The contract is let by notice and competitive bid or procurement procedures as required under all applicable laws, rules, regulations, and policies of the Tribe, for necessary materials or services for the governmental agency or entity involved;
(b) The continuous course of business commenced before the elected official’s declared candidacy for the current term of office;
(c) The entire transaction is conducted at arm’s length, with the Council’s full knowledge of the interest of the elected official or immediate family member;
(d) The elected official has taken no part in the determination of the specifications, deliberations, or decisions with respect to the public contract;
(e) The elected official is not a member, office holder, employee, or otherwise directly associated with the same entity primarily responsible for letting, performing, receiving, or otherwise supervising the performance of the contract.