A. Whenever the governor and the local governing authority notify the board that they have approved the application for limited exemption as provided in R.S. 47:4313, the board may enter into a contract with the applicant granting the limited exemption provided for in this Chapter.
B. The effective date of the contract shall be December 31 of the year in which effective use of the structure began after construction of the project was initiated or in which construction was essentially completed; except in Orleans Parish, in which case the effective date of the contract shall be July 31 of the applicable year.
C. The limited exemption granted pursuant to this Chapter shall be effective for a period of five years unless terminated as otherwise provided for in this Chapter.