Sec. 2. (a) In addition to complying with the budget, tax rate, and tax levy requirements applicable to other tax levies, a political subdivision may:
(1) establish a cumulative fund and impose a property tax for the cumulative fund; or
(2) increase the tax rate for a cumulative fund;
only after the proposal is adopted and approved in compliance with this chapter.
(b) If a cumulative fund is not established and the tax rate is not certified in conformity with this chapter, the political subdivision may not levy a tax for the fund in the ensuing year. If a cumulative fund that has been established in a prior year is not reestablished and the tax rate is not certified in conformity with this chapter, the political subdivision may not increase a tax rate for the cumulative fund for the ensuing year.