(a) Neither the City Administrator nor any Councilmember shall sell or barter anything to the City, or make any contract with the City, or purchase anything from the City other than those things which the City offers generally to the public (as for example, utility services), and then only on the same terms as are offered to the public, unless an invitation to submit sealed bids is published, and the City accepts the sealed bid which is most advantageous to the City; provided that the Council, by ordinance, may authorize such sales, contracts, or purchases involving a consideration of not more than five hundred dollars ($500.00) in value, to be made without such bids at prices or rates prevailing in the community and without favoritism or discrimination.

(b) Any such officer violating this section, upon conviction thereof, shall thereby forfeit the office. Any violation of this section, with the knowledge, express or implied, of the person or corporation contracting with the City, shall render the contract voidable by the City Administrator or the Council.

(c) This section shall not apply in cases in which the City acquires property from any such officer by condemnation.