it could be worded, "No elected official shall receive any payment from the private sector while serving in public office. Further, elected officials shall not receive such payments in the future - after his or term of service is over - in exchange for actions while holding office."
Also, I think it may be wise to tie elected officials' pay with that of the public. Maybe, "No elected official shall receive a wage exceeding the median wage of people working in the private sector."
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