A. If a school district issues impact aid revenue bonds under this article, the governing board shall establish:

1. 1. An impact aid revenue bond building fund consisting of the net proceeds received from the sale of the bonds. The fund shall be a continuing fund that is not subject to reversion.
2. 2. An impact aid revenue bond debt service fund consisting of monies received by the school district from impact aid revenues.

D. Notwithstanding any other provision in this article, the annual payment of principal and interest on impact aid revenue bonds each year shall not exceed seventy-five per cent of the net impact aid revenues of the school district for the current year. For the purposes of this subsection, "net impact aid revenues" mean impact aid revenues for the year after deducting the sum of the following amounts:

1. 1. The amount of any increase in the school district's general budget limit pursuant to section 15-905, subsections K, O and P.
2. 2. The amount necessary to fund any budget override adopted pursuant to section 15-481, subsection F, J or M.
3. 3. The amount that would be produced by levying the applicable qualifying tax rate as provided in section 15-971, subsection B, minus the amount levied for primary school district taxes for the year pursuant to section 15-992, except that if the result is a negative number, use zero.