(1) A board member with a personal investment described in Section 67-16-9 is not in violation of Section 67-16-9 if:
(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
(b) during the board member's service, the board member complies with:
(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
(ii) applicable requirements of this part and the governing document.
(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.