§ 58-38. Expiration of authority to levy.

The authority of the county to levy the tax provided in this division shall expire in any event at the conclusion of the fiscal year in which the final discharge, whether by way of debt payment to bondholders or trustee therefor or lease payment or financing obligation to a public building authority, of the bonded indebtedness, whether of the county, a municipality with which the county has contracted or a public building authority, resulting from construction, acquisition or equipping of any one or more arena, convention, civic center, auditorium or stadium facilities. If the county shall have contracted for or shall itself have undertaken the construction, acquisition or equipping of an initial facility by which contract or undertaking fails in execution, the authority to levy the tax provided in this division shall expire at the end of the earliest fiscal year of the county wherein tax collections shall have provided sufficient funds for discharge of costs, expense and liability for all interim, preliminary and preparatory work incurred by the county, a municipality with which the county has contracted or a public building authority.

(Priv. Acts 1982, ch. 319, § 8; Ord. No. O-90-9-117, § 8, 9-10-90)