(a) A director who has a financial interest in an authority contract for the purchase, sale, lease, rental, or supply of property, including supplies, materials, and equipment, or for the construction of facilities, shall disclose that fact to the other directors and may not vote on or participate in discussions during board meetings on the acceptance of the contract.
(b) A director's financial interest does not affect the validity of a contract if disclosure is made and the director with the financial interest does not vote on the question of entering into the contract.