(1) A member or employee of the authority who has, will have, or later acquires an interest, direct or indirect, in a transaction with the authority shall immediately disclose the nature and extent of that interest in writing to the authority as soon as the member or employee has knowledge of the actual or prospective interest.
(2) This disclosure shall be entered upon the minutes of the authority.
(3) Upon this disclosure that member or employee may participate in any action by the authority authorizing the transaction.