7-5-4311. Municipal contracts -- conflict of interest. (1) (a) Except as provided in Title 18, chapter 2, part 5, regarding use of an alternative project delivery contract, the governing body of a city or town or other local government legislative body may not award a construction contract to a contractor if the entity has a financial interest, directly or indirectly, with a person, employee, contractor, subcontractor, or entity that has participated in the design or engineering of the project as a consultant or otherwise, or that represents the owner in the oversight or management of the contracted project, without disclosure of the conflict.

(b) A contractor who fails to disclose a conflict with the submission of a bid must be determined to be nonresponsive to the bid. The governing body shall, at the time of bid opening, announce the disclosure of any conflicts for all bidders, Subsequent to bid opening and prior to formal award, the governing body shall, in a public meeting, receive public comment on disclosed conflicts. The governing body may determine and stipulate appropriate remedies, if any, in the formal award of the contract.

(2) For the purposes of this section, "financial interest" has the same meaning as provided in 7-5-2311.