(a)
(1) In each instance in which a loan from the Revolving Loan Fund is to be secured in whole or in part from the proceeds of taxes to be collected from a continuing ad valorem tax levy to be approved by a majority of the qualified electors of the district voting on the proposition at an election, the form of ballot, and all such other things and matters required to be done and passed upon, shall be the same in all respects as though commercial bonds were to be issued.
(2) Each such ballot shall reflect:
(A) The total amount of funds which the school district proposes to borrow, and the purposes for which the proposed loan is to be used; and
(B) The number of mills on each dollar of the assessed valuation of taxable property within the bounds of the school district to be levied annually to meet the debt service requirements of the obligations.
(b)
(1) Whenever at any such election the electors approve the annual levy of taxes for the purposes aforesaid, it shall be the duty of the clerk of the county court of the county in which the school district is located to present the proposition each year to the levying court of the county on the first day when it is in session for the levy of taxes, and it shall be the duty of the levying court to levy the rate as so presented by the county clerk.
(2) In the event that the county clerk shall fail to present the proposition to the levying court or in the event that the levying court shall fail to take affirmative action in respect to the making of such levy, it shall, nevertheless, be the duty of the official required by law to make the extension of taxes on the tax rolls to extend the taxes at the rate so approved by the electors on all taxable real and personal property within the bounds of the school district.
(c) All taxes collected under the levy shall be, by the county treasurer or school district treasurer, set aside and apart from all other funds of the school district for use only for the purpose of meeting the annual debt service requirements of the obligations secured by the pledge of such ad valorem tax levy, provided that any surplus accruing annually from the collection of taxes under any such levy may be, by resolution adopted by the board of directors of the school district, transferred by the county treasurer or school district treasurer to the school district's general operating fund.
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