(1) A tax levied under this subchapter shall be a continuing levy unless otherwise provided by law.
(2) It may be reduced or repealed, with the exception of the amount of tax required to service any outstanding bonds, or the tax may be increased upon approval thereof by a majority of the qualified electors of the district voting on the issue at an election called by the local board or acting local board to be held at least thirty (30) calendar days after the local board or acting local board notifies the county boards of election commissioners.
(3) The tax shall be collected in the manner now provided by law for the collection of county general taxes and promptly remitted by the county treasurer to the district.
(4) Revenues derived from a tax levied pursuant to this subchapter may be used for site acquisition, construction, equipping, or operation of a technical college or for any of such purposes.