Upon the expiration of the bond issue financing the project, or any extension pursuant to this section, a qualified property owner shall have the option, upon the execution of a promissory note in favor of the urban county government for all sums due and payable at the expiration of the bond issue, or any extension hereunder, to extend any mortgage executed in favor of the urban county government pursuant to the program for a period up to ten (10) years. The option to extend created by this section shall be exercised during the one-year period before the expiration of the bond issue, or any extension hereunder.
(Ord. No. 126-83, § 1, 7-21-83; Ord. No. 164-84, § 1, 9-20-84)
Note(s)—Formerly, § 16-69.