(a) A director who is financially interested in a contract to be executed by the authority for the purchase, sale, lease, rental, or supply of property, including supplies, materials, and equipment, or 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) An interest described by Subsection (a) does not affect the validity of a contract if the disclosure is made and the interested director does not vote on the question of entering into the contract.