SECTION 14.03. Contracts Extending Beyond One Year.
   Be it further enacted, That no contract involving the payment of money out of the appropriations of more than one year, other than bonds, or other obligations lawfully issued, shall be made for a period of more than five years; nor shall any such contract be valid unless made or approved by ordinance or resolution. This Section shall not apply to contracts entered into by the City Council which have been approved by resolution authorizing a contract not to exceed forty (40) years for the construction of a public building or other public facility where the revenues derived from said public building or other public facility or the use thereof shall retire the cost of construction of the said public building or other public facility and amortization thereof, and the purchase of the real estate on which the public building or other public facility is located. [As replaced by Priv. Acts 1963, ch. 74, § 11; and amended by Priv. Acts 1967, ch. 485, § 4]