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the fair market value of the business entity (see section <br />171.002, Texas Local 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 for <br />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; or <br />d. The person serves as an elected officer of the business entity; <br />or <br />e. The person is an employee of the business entity; or <br />f. The person is a creditor, debtor or guarantor of the business <br />entity in the amount of $15,000.00 or more; or <br />g. Properry of the person has been pledged to the business <br />entity or is subject to a lien in favor of the business entity in <br />the amount of $15,000.00 or more. <br />2. A person does not have a substantial interest in a business entity <br />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; and <br />b. The person has been designated by the city council to serve <br />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 charitable, <br />nonprofit or governmental. <br />3. A person has a substantial interest in real properry if the interest <br />is an equitable or legal ownership interest with a fair market value <br />of $2,500.00 or more (see section 171.002, Texas Local <br />Government Code). <br />4. A person has a substantial interest under this chapter if the <br />person's family member has a substantial interest under this <br />chapter (see section 171.002, Texas Local Government Code). <br />3 <br />- 1 78 <br />