1. (1) A board member with a personal investment described in Section 67-16-9 is not in violation of Section 67-16-9 if:

   1. (a) before beginning service as a board member, the board member complies with the disclosure requirements of Section 67-16-7, as though that section applied to the board member's ownership of a personal investment described in Section 67-16-9; and

   2. (b) during the board member's service, the board member complies with:

      1. (i) the disclosure requirements of Section 67-16-7, as provided in Subsection (1)(a), upon any significant change in the board member's personal investment; and
      2. (ii) applicable requirements of this part and the governing document.
2. (2) An infrastructure financing district may not compensate a board member for the member's service on the board unless the board member is a resident within the boundary of the infrastructure financing district.

Renumbered and Amended by Chapter 105, 2026 General Session