Lincoln voters will decide in May whether to let the mayor, council members and department heads hold contracts with the city.
The City Council voted 4-1 on Monday to put the proposed charter amendment on the ballot.
Proponents say it will end any conflict of interest in city contracts, whether real or perceived.
Opponents say the measure discriminates against businesspeople whose skills and experience could benefit the city.
The amendment would require those elected who have at least $5,000 interests or 5 percent ownerships in companies with city contracts to forgo those contracts while in office.