(a) The proceeds of bonds, notes and other debt obligations issued by counties under this part for school purposes shall be shared with special school district systems in the county on the same basis provided for sharing the proceeds of school bonds under this part. The trustee of the county shall pay over to the treasurer of the special school district that amount of the funds that bears the same ratio to the entire amount arising from this part as the average daily attendance of the year ending June 30 next preceding the sale of the bonds, notes or other debt obligations of the special school district bears to the entire average daily attendance of the year ending June 30 next preceding the sale of the bonds, notes or other debt obligation of the county.

(b) The governing body of any special school district may, by resolution regularly adopted, waive its right to all or a part of any funds due to it under this part and return the funds to the trustee of the county for the purposes originally provided.

(c)

(1) If there exists any special school district within the county that operates independently of the county, the county legislative body, in its discretion, may provide that the bonds, notes or other debt obligations shall be payable from taxes levied only upon that portion of taxable property within the county lying outside the territorial limits of the special school district so independently operated, and taxes sufficient to pay principal and interest on the bonds, notes and other debt obligations shall be so levied upon such portion of the taxable property lying outside the territorial limits of the special school district. However, except as provided in subdivision (c)(2), in no event shall funds that have not previously been apportioned to the special school districts within the county be used for the retirement of the principal or interest on the bonds, notes or other debt obligations.

(2) If the bonds, notes or other debt obligations being issued are payable from a tax levied only on that portion of the taxable property within the county lying outside the territorial limits of a special school district that operates independently of the county, then no part of the proceeds of the bonds, notes or other debt obligations shall be paid over to the special school district.

(d) This section shall be applicable only in counties of Class 3, subclass B, as established by § 8-24-101.