Disclosure of interest in project -- Restrictions

(1) A commissioner, officer, or employee of an authority, who has voluntarily acquired any of the following interests, shall disclose to the commissioners of the authority, as soon as the person has knowledge of the interest, the nature and extent of the interest: (a) a present or future interest, direct or indirect, in a project; (b) a present or future interest, direct or indirect, in a property included in or planned to be included in a project; (c) a contract or proposed contract relating to a project; or (d) any other transaction or agreement with the authority. (2) The commissioners shall enter the particulars of the disclosure into the minutes of the authority. (3) After a disclosure of interest, the commissioner, officer, or employee may participate in any discussions concerning proposed authority action on the property, contract, transaction, or agreement in which the person has an interest, but the commissioner, officer, or employee may not vote on any action proposed by the authority regarding that property, contract, transaction, or agreement. (4) Commissioners, officers, and employees of an authority are not "public officers" for purposes of Title 67, Chapter 16, Utah Public Officers' and Employees' Ethics Act.