(a) The governing body of a city or the board of county commissioners of a county, to the extent that such governing body or board of county commissioners shall determine that any benefit results to any property served by the limited access facility, shall have authority to:

(1) Assess the amount of the benefits against such property so served or benefited by the limited access facility;

(2) Create street improvement districts to the extent of such benefits and assess against such property benefited that portion of the cost of acquisition and construction of such limited access facility in the manner provided by this article.

(b) In the event the governing body of the city or the board of county commissioners shall find that such limited access facility does not benefit the property served by it, or that the benefits to such property do not equal the cost of acquisition or construction, or both, of such limited access facility, the city or county may pay the cost of such limited access facility in its entirety, or the amount in excess of the benefits assessed as herein provided, out of the proceeds of bonds to be issued for such acquisition or construction, or both.

(c) The city or county shall have authority to submit to the voters thereof the question of whether or not the city or county shall become indebted for the acquisition or construction of the limited access facility, and any and all bond issues for such purposes are hereby authorized to the same extent and in the same manner and with such limitations as is authorized by the Constitution for the creation of a debt in excess of the income and revenue provided for the year.

Laws 1968, c. 415, § 1304, operative July 1, 1968.