A state agency or a local public body may grant a waiver from unlawful employee participation pursuant to Section 163 [ 13-1-190 NMSA 1978] of the Procurement Code, or contemporaneous employment pursuant to Section 166 [ 13-1-193 NMSA 1978] 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.