1. (a) If there are not obligations of the board described in section 3(b) of this chapter then outstanding and there are no bonds, leases, or other obligations then outstanding for which a pledge has been made under section 3(b) of this chapter, the fiscal body may adopt an ordinance that repeals the ordinance adopted under section 2 of this chapter.
2. (b) An ordinance adopted under subsection (a) takes effect on January 1 immediately following the date of its adoption. If the fiscal body adopts such an ordinance, the clerk shall immediately send a certified copy of the ordinance to the commissioner of the department of state revenue.
3. (c) A tax imposed under this chapter terminates January 1 of the year immediately following the year in which the last payment obligation of the board is made with respect to any bond, lease, or other obligation described in section 3(b) of this chapter.

As added by P.L.44-2026, SEC.20.