A. Subject to legislative appropriation, any district that is organized pursuant to section 15-1402 and that has less than the amount of primary assessed valuation prescribed in section 15-1402 shall be paid by this state an amount equal to the following:

1. 1. The difference between the prior year's actual primary assessed valuation of the district and the amount of primary assessed valuation prescribed in section 15-1402.
2. 2. The actual prior year's primary property tax rate for the district.
3. 3. The difference determined in paragraph 1 multiplied by the lesser of the tax rate determined in paragraph 2 or one dollar thirty-seven cents.