(a)No development or redevelopment district may be in existence for a period longer than 30 years (unless two or more districts are combined as described in §7-11B-9(c) of this code) and no tax increment financing obligations may have a final maturity date later than the termination date of the area or district: Provided, That, for any existing development or redevelopment district for which tax increment financing obligations have been issued by a county commission, or the governing body of a municipality, prior to December 31, 2020, the termination date for that existing development or redevelopment district may be extended not more than 15 years.
(b)The county commission or governing body of the municipality creating the development or redevelopment district may set a shorter period
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(a) No development or redevelopment district may be in existence for a period longer than 30 years (unless two or more districts are combined as described in §7-11B-9(c) of this code) and no tax increment financing obligations may have a final maturity date later than the termination date of the area or district: Provided, That, for any existing development or redevelopment district for which tax increment financing obligations have been issued by a county commission, or the governing body of a municipality, prior to December 31, 2020, the termination date for that existing development or redevelopment district may be extended not more than 15 years.
(b) The county commission or governing body of the municipality creating the development or redevelopment district may set a shorter period for the existence of the district. In this event, no tax increment financing obligations may have a final maturity date later than the termination date of the district. The county commission or the governing body of the municipality which created the development or redevelopment district may not take action to terminate a district prior to the time otherwise provided in its official action creating, combining, or extending the district if the county commission or the governing body of the municipality then has tax increment revenue obligations which remain outstanding and unpaid.
(c) Upon termination of the district, no further ad valorem tax revenues shall be distributed to the tax increment financing fund of the district.
(d) The county commission shall adopt, upon the expiration of the time periods set forth in this section, an order terminating the development or redevelopment district created by the county commission:Provided, That no district shall be terminated so long as bonds with respect to the district remain outstanding.
(e) The governing body of the municipality shall repeal, upon the expiration of the time periods set forth in this section, the ordinance establishing the development or redevelopment district:Provided, That no district shall be terminated so long as bonds with respect to the district remain outstanding.