(1) In the event of the condemnation by a competent authority, for any public use or purpose, of all or substantially all of any land, buildings, or facilities acquired or constructed in whole or in part with the proceeds of revenue bonds issued under the provisions of the Municipalities and Counties Industrial Development Revenue Bond Law, § 14-164-201 et seq., the condemnation award must be at least sufficient in amount to cover the expenses of the condemnation proceeding and to cover the principal of all of the revenue bonds then outstanding and interest to the next interest payment date thereafter that all the bonds may be called for redemption prior to maturity, together with redemption premiums, if any, paying agent's fees, and all other costs of redemption of the revenue bonds.
(2) For the purposes of this section, the words “all or substantially all” shall be deemed to mean a taking of all of the land, buildings, or facilities or a taking of such a portion thereof that the manufacturing operations being conducted on and in the land, buildings, or facilities cannot, after the taking, be conducted in the remainder in substantially the same manner as before.