(1) The board of education of any growth district, as defined in section 22-2-125 (1)(b), at any regular biennial school election or special election, may submit to the eligible electors of the growth district the question of the imposition of an additional property tax levy in accordance with the provisions of this section for:

(a) One or more of the purposes specified in section 22-42-102 (2)(a)(I) to (2)(a)(V);

(b) The payment of any loan received by the growth district pursuant to section 22-2-125 and the payment of any interest due on such loan; or

(c) The payment of any loan received by the growth district pursuant to article 15 of title 23, C.R.S., and the payment of any interest due on such loan.

(2) (a) Except as otherwise provided in paragraph (b) of this subsection (2), a growth district may impose an additional property tax levy of no more than five mills or a number of mills as determined by dividing the latest statewide valuation for assessment of the taxable property in all school districts by the pupil enrollment of all school districts, and dividing said amount by the latest valuation for assessment of the taxable property in the growth district divided by the pupil enrollment of the growth district, whichever is the lesser amount.

(b) If the amount as determined by dividing the latest valuation for assessment of the taxable property in a growth district by the pupil enrollment of the growth district is greater than the amount as determined by dividing the latest statewide valuation for assessment of the taxable property in all school districts by the pupil enrollment of all school districts, the growth district may impose an additional property tax levy of no more than one mill.

(3) Moneys collected from such tax levy shall be credited to the capital reserve fund pursuant to section 22-45-103 (1)(c)(IV).

(4) Any special election called pursuant to this section shall be held on the general election day in each even-numbered year or on the first Tuesday in November of each odd-numbered year and shall be conducted pursuant to the provisions of articles 1 to 13 of title 1, C.R.S.