1. Except as permitted by this section, no person who for compensation advises a municipality concerning the acquisition of a project to be financed in whole or in part by issuing general or special obligations of the municipality, or concerning the issuance or sale of those obligations, may purchase any of them from the municipality. This subsection does not prohibit: (a) One who performs work or furnishes property for the project from accepting municipal obligations in payment for his or her work or property. (b) An adviser from purchasing municipal obligations at a public sale if such a purchase is authorized by prior written agreement. (c) An adviser from purchasing municipal obligations at a private sale if he or she has: (1) Terminated his or her status as adviser in writing and at or after this termination the municipality has consented in writing to the purchase; and (2) Disclosed in writing to the municipality at or before this termination the possibility of a conflict of interest on his or her part and the source and anticipated amount of all his or her remuneration, in addition to his or her compensation as adviser, with respect to the obligations to be sold, and the municipality has acknowledged in writing the receipt of these disclosures. 2. If municipal obligations are to be issued to refund others already outstanding, no person may accept any compensation for advice unless the compensation is fixed in advance, but such a person may purchase the refunding obligations.
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