Sec. 10.1. (a) This section applies only to a referendum to allow a school corporation to extend a referendum levy.
(b) The question to be submitted to the voters in the referendum must read as follows:
"Shall _______ (insert the name of the school corporation) continue to increase property taxes paid to the school corporation for no more than _____ (insert the number of years immediately following the holding of the referendum) years for the purpose of funding _____________ (insert brief description of the purposes) by imposing a property tax rate that does not exceed ______ (insert property tax rate) and results in a maximum annual amount that does not exceed ______ (insert maximum amount of annual levy). If this operating referendum public question is NOT approved by the voters, for a median residence of __________ (insert the school corporation's median household assessed value, rounded up to the next fifty thousand dollars ($50,000)), the property's annual tax bill would decrease by ______ (insert dollar amount, rounded up to the next whole dollar) per year. If this operating referendum public question is approved by the voters, it would be a renewal of the most recent operating referendum public question passed in ______ (insert year the original operating referendum public question passed) with a property tax rate of ______ (insert property tax rate of the original operating referendum public question).".
(c) The number of years for which a referendum tax levy may be extended if the public question under this section is approved may not exceed eight (8) years.