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a. The interest is ownership of ten percent (10%) or more <br />of the voting stock or shares of the business entity or <br />ownership of either ten percent (10%) or more or <br />$15,000.00 or more of the fair market value of the <br />business entity (see section 171.002, Texas Local <br />Government Code); or <br />b. Funds received by the person from the business entity <br />exceed ten percent (10%) of the person's gross income <br />for the previous year (see section 171.002, Texas Local <br />Government Code); or <br />c. The person holds a position of inember of the board of <br />directors or other governing board of the business entity; <br />or <br />d. The person serves as an elected officer of the business <br />entity; or <br />e. The person is an employee of the business entity; or <br />£ The person is a creditor, debtor or guarantor of the <br />business entity in the amount of $15,000.00 or more; or <br />g. Property of the person has been pledged to the business <br />entity or is subject to a lien in favor of the business entity <br />in the amount of $15,000.00 or more. <br />(2) A person does not have a substantial interest in a business <br />entity if: <br />a. The person holds a position as a member of the board of <br />directors or other governing board of a business entity; <br />and <br />b. The person has been designated by the city council to <br />serve on such board; and <br />c. The person receives no remuneration, either directly or <br />indirectly, for his or her service on such board; and <br />d. The primary nature of the business entity is either <br />charitable, nonprofit or governmental. <br />(3) A person has a substantial interest in real property if the <br />interest is an equitable or legal ownership interest with a fair <br />3 <br />2 ~ <br />