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A.  Notwithstanding any provision of this Chapter or any other law to the contrary, a tax increment financing shall not include a tax increment involving, directly or indirectly, the ad valorem or sales tax revenues of any city, parish, or other local public school system, without prior approval of the school system.

B.  The provisions of this Section shall not apply to any tax increment financing approved prior to January 1, 2006 nor to any tax increment financing concerning which a suit to determine bond validity has been filed prior to January 1, 2006.

Acts 2005, No. 356, §1, eff. Jan. 1, 2006.