A state agency or a local public body may grant a waiver from unlawful employee participation pursuant to Section 163 [13-1-190 N.M. Stat. Ann.] of the Procurement Code, or contemporaneous employment pursuant to Section 166 [13-1-193 N.M. Stat. Ann.] of the Procurement Code, upon making a determination that:

A. the contemporaneous employment or financial interest of the employee has been publicly disclosed;

B. the employee will be able to perform his procurement functions without actual or apparent bias or favoritism; and

C. the employee participation is in the best interests of the state agency or a local public body.