One of the conditions to the funding is that an "assurance acceptable to council" be received by March 2 of $15 million from the Government or other sources to cover a shortfall in private-sector funding.
If that deadline is not met, the decision is void.
Carisbrook Stadium Trust chairman Malcolm Farry said the decision was positive, but the deadline was tight and the "void" condition made it plain the trust needed to meet that date.
"We would have liked 60 days, but we are up for the challenge. We're going to have a stadium."
The regional council will meet on March 3 to determine whether the conditions have been met.
Yesterday's decision infuriated Stop the Stadium president Bev Butler, who announced immediately after the meeting the group would begin work on convincing ratepayers to stage a "rates revolt" against both councils.
Ms Butler said the group would also hold a public meeting to consider strategies and discuss what she called "the end of democracy in Dunedin".
Ms Butler said the group would appeal a decision to change the zoning at the Awatea St site to the Environment Court, as it had done against a roading change necessary for the stadium.
There were three votes at the meeting, but a 7-4 vote against a motion by Cr Michael Deaker to stop the ORC funding made clear the councillors' views on the project.
Ms Butler, Dunedin Ratepayers and Householders Association chairman Syd Adie, and vice-chairman Tony Borick had urged councillors in a public forum to vote against the funding.
Cr Deaker moved the council turn down the stadium funding proposal, and said at this time, prudence had never been more necessary.
Cr Duncan Butcher took offence to heckling from the public gallery of about 30 people and verbally sparred with Stop the Stadium committee member Dave Witherow, whom he said had "questioned my heritage" after a previous meeting.
Cr Butcher said there had been accusations from his fellow councillors that people had "played with the figures", but they were now doing the same thing.
Chairman Stephen Cairns was asked if it was the right time economically to go ahead with the project, and whether it would create jobs. He said it was and it would.
He was reasonably confident the city council could manage the underwriting of finance, and it was not the regional council's job to "relitigate" its decisions.
Mr Cairns and Crs Butcher, Louise Croot, Sam Neill, Doug Brown, Stephen Woodhead and Gretchen Robertson voted against ending the council's involvement, while Crs Deaker, Gerry Eckhoff, Bryan Scott and David Shepherd voted for.
In other votes, Cr Butcher moved the council confirm its part-funding of the stadium, subject to seven conditions.
That was approved (8-3), with the addition of the condition, suggested by Cr Shepherd, that the decision would be void if the funding assurances were not met (6-5).
If the conditions are not met by March 2, councillors will consider a formal recommendation ending its involvement in the stadium.
However, Mr Cairns said there was nothing to stop a councillor putting a notice of motion at the March 3 meeting to again open up the topic to debate.
