(a)
(1) A redevelopment district shall not be in existence for a period longer than twenty-five (25) years, unless under the original redevelopment plan or by amendment of the original redevelopment plan bonds have been issued and the bonds would not be fully paid until after the date that is twenty-five (25) years from the date of creation of the district.
(2) In any event, a redevelopment district shall not be in existence for a period longer than forty (40) years.
(b) The local governing body may set a shorter period for the existence of the district and may also provide that bonds shall not have a final maturity on a date later than the termination date of the district.
(c) Upon termination of the district, further ad valorem tax revenues shall not be distributed to the special fund of the district.
(d)
(1) The local governing body shall adopt upon the expiration of the time periods set forth in this section an ordinance terminating the redevelopment district.
(2) A district shall not be terminated so long as bonds with respect to the district remain outstanding.