Indiana Code Title 36. Local Government § 36-7-23-41

Sec. 41. A disclosure under section 40 of this chapter shall be announced at the first meeting of the board following the disclosure and entered upon the minutes of that meeting.  Upon disclosure, the member or employee shall not participate in an action by the board or authority authorizing the transaction.  However, an interest described under section 40 of this chapter does not invalidate an action by the board or authority with the participation of the disclosing member before the time when the member became aware of the interest or should reasonably have become aware of the interest.