Amends GS 14-234, which prohibits specified public officials from benefiting from public contracts, with exceptions. Amends the exception provided in subsection (d1) to allow a municipality or specified type of board or hospital to undertake or contract with one of its officials if approved by specific resolution of the appropriate governing body and the undertaking or contract amount does not exceed $60,000, rather than $40,000, for goods or services within a 12-month period. Maintains the $20,000 cap for medically related services. Requires compliance with other existing conditions for the exception to apply. Applies to contracts executed on or after the date the act becomes law.