(A) At any time the board of education of a city, local, exempted village, cooperative education, or joint vocational school district, by a vote of two-thirds of all its members, may declare by resolution that the revenue that will be raised by all tax levies that the district is authorized to impose, when combined with state and federal revenues, will be insufficient to provide for the necessary requirements of the school district, and that it is therefore necessary to levy a tax in excess of the ten-mill limitation for the purpose of providing for the necessary requirements of the school district. Such a levy shall be proposed as a substitute for all or a portion of one or more existing levies imposed under sections 5705.194 to 5705.197 of the Revised Code or under this section, by levying a tax as follows:

1. (1) In the initial year the levy is in effect, the levy shall be in a specified amount of money equal to the aggregate annual dollar amount of proceeds derived from the levy or levies, or portion thereof, being substituted.

2. (2) In each subsequent year the levy is in effect, the levy shall be in a specified amount of money equal to the sum of the following:

   1. (a) The dollar amount of the proceeds derived from the levy in the prior year; and
   2. (b) The dollar amount equal to the product of the total taxable value of all taxable real property in the school district in the then-current year, excluding carryover property as defined in section 319.301 of the Revised Code, multiplied by the annual levy, expressed in mills for each one dollar of valuation, that was required to produce the annual dollar amount of the levy under this section in the prior year; provided, that the amount under division (A)(2)(b) of this section shall not be less than zero.

(C) The form of the ballot to be used at the election on the question of a levy under this section shall be as follows: "Shall a tax levy substituting for an existing levy be imposed by the __________ (here insert name of school district) for the purpose of providing for the necessary requirements of the school district in the initial sum of __________ (here insert the annual dollar amount the levy is to produce in its initial year), and a levy of taxes be made outside of the ten-mill limitation estimated by the county auditor to require __________ (here insert number of mills) mills for each one dollar of valuation, which amounts to __________ (here insert rate expressed in dollars and cents) for each one hundred dollars of valuation for the initial year of the tax, for a period of __________ (here insert the number of years the levy is to be imposed, or that it will be levied for a continuing period of time), commencing in __________ (first year the tax is to be levied), first due in calendar year __________ (first calendar year in which the tax shall be due), with the sum of such tax to increase only if and as new land or real property improvements not previously taxed by the school district are added to its tax list? " If the levy submitted is a proposal to substitute all or a portion of more than one existing levy, the form of the ballot may be changed so long as the ballot reflects the number of levies to be substituted and that none of the existing levies to be substituted will be levied after the year preceding the year in which the substitute levy is first imposed. The form of the ballot shall be modified by substituting the statement "Shall a tax levy substituting for an existing levy" with "Shall a tax levy substituting for existing levies" and adding the following statement after "added to its tax list?" and before "For the Tax Levy": "If approved, any remaining tax years on any of the __________ (here insert the number of existing levies) existing levies will not be collected after __________ (here insert the current tax year or, if not the current tax year, the applicable tax year)."