(1) The sales and use taxes levied or authorized under this subchapter may be used for the sole use and benefit of a corporation organized under the Public Corporations for Economic Development Act, § 14-175-101 et seq.
(2) On receipt from the Secretary of the Department of Finance and Administration of the net proceeds of the sales and use tax levied or authorized under this subchapter, the local government shall deliver all of the proceeds to the corporation to use in carrying out its functions.
(3) However, if the sales and use taxes levied under this subchapter are pledged to secure the issuance of bonds by a corporation under § 14-174-105(b)(4), upon approval by resolution of the corporation, the local government shall hold the proceeds separate and apart in trust, as directed by the corporation.
(4) At an election called and held under § 14-174-103, the local government may also allow the voters to vote on a ballot proposition that limits the length of time that a sales and use tax may be imposed.