(c) Before exercising the authority described in subdivision (b), the district’s board of directors shall do all of the following:

1. (1) Make all of the following findings:

   1. (A) The acquisition furthers the purposes of the district, pursuant to this division.
   2. (B) The acquisition is in the interest of the district’s ratepayers and the public.

2. (2) Establish a policy governing acquisitions that includes, but is not limited to, all of the following:

   1. (A) Procedures for preventing conflicts of interest and violations of Article 4 (commencing with Section 1090) of Chapter 1 of Division 4 of Title 1 of the Government Code.
   2. (B) Procedures for determining how much of an acquisition to accept in lieu of, or in addition to, other forms of remuneration, in order to ensure the district secures a reasonable return on any intellectual property or other resources it provides the private entity.
   3. (C) Procedures governing the approval process for accepting any acquisitions.
   4. (D) Procedures that ensure acquisition of a nonstock security does not unduly influence the amount paid for the associated goods and services.
3. (3) Post the policy described in paragraph (2) on the district’s internet website.
4. (4) Adopt a resolution at a regular meeting of the board stating the intent of the board to exercise the authority described in subdivision (b).