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(1) Each year after issuance of bonds and until each outstanding bond is retired, there is levied a direct annual tax on all taxable property of the state sufficient to pay principal, interest, and any applicable redemption premiums on each bond as it becomes due.
(2) The State Tax Commission shall fix the rate of the direct annual tax levy each year.
(3) The tax shall be collected and the proceeds applied as provided in this chapter.
(4) The proceeds of all taxes levied under this section are appropriated to the sinking fund established as required by Section 63B-1a-301.
(5) The direct annual tax imposed under this section is abated to the extent that money is available from sources other than ad valorem taxes in the sinking fund for the payment of bond interest, principal, and redemption premiums.