Section 41.00. Repeal of unexpended authorizations

a. The finance board of:
    1.  Any  municipality may at any time, by resolution, repeal or revoke
  in whole or in part (a) any resolution heretofore or  hereafter  adopted
  authorizing  the  issuance  of obligations, and (b) any certificate of a
  chief fiscal officer authorizing the issuance of obligations,  dated  on
  or after the effective date of this chapter, or
    2.  Any  school district may, by resolution, repeal or revoke in whole
  or  in  part  (a)  any  resolution  heretofore  or   hereafter   adopted
  authorizing  the  issuance  of obligations, at any time after four years
  have elapsed from the date of the adoption of any such  resolution,  and
  (b)  any  certificate of a chief fiscal officer authorizing the issuance
  of obligations, dated on or after the effective date of this chapter, at
  any time after four years  have  elapsed  from  the  date  of  any  such
  certificate, or
    3.  Any district corporation may at any time, by resolution, repeal or
  revoke in whole or in part (a) any resolution  heretofore  or  hereafter
  adopted authorizing the issuance of obligations, and (b) any certificate
  of a chief fiscal officer authorizing the issuance of obligations, dated
  on or after the effective date of this chapter,
  except  to  the  extent  that  any  indebtedness shall already have been
  contracted or encumbrances made thereunder for the object or purpose for
  which  such  resolution  or  certificate  authorizes  the  issuance   of
  obligations,  whether  or not the voting of a special tax or a tax to be
  collected in installments or the  approval  of  a  proposition  for  the
  expenditure of money, at a regular or special election or meeting, was a
  condition   precedent  to  the  adoption  of  such  resolution  or  such
  resolution subsequent to the adoption thereof was submitted and approved
  at a regular or special election or meeting.
    b. Any resolution heretofore  or  hereafter  adopted  authorizing  the
  issuance  of  obligations,  or any certificate of a chief fiscal officer
  authorizing the issuance of obligations, dated on or after the effective
  date of this chapter, unless repealed or revoked at a prior date in  the
  manner  provided  in  paragraph a of this section, shall be deemed to be
  repealed ten years after the date it becomes effective,  except  to  the
  extent  that  any  indebtedness  shall  already  have been contracted or
  encumbrances made thereunder for the object or purpose  for  which  such
  resolution or certificate authorizes the issuance of obligations.