In each year that bonds issued pursuant to this article are outstanding, the trustees, not later than December 1 of such year, shall submit a written report to the State Budget and Control Board as to whether, based on revenues of the Heritage Land Trust portion of the state deed recording fee received by the Heritage Land Trust Fund as of July 1 of that year, the revenues are projected to be sufficient to discharge all covenants, agreements, and obligations of the department and the trustees with respect to all outstanding bonds in the calendar year immediately following.