(1) The fund must be reviewed on an annual basis to determine whether the fund is soundly funded pursuant to 19-18-503.
(2) Based on the annual review:
(a) if the fund contains an amount that is less than the minimum amount required to keep the fund soundly funded pursuant to 19-18-503, the city or town council shall, subject to 15-10-420, levy an annual tax on the taxable value of all taxable property within the city or town;
(b) if the fund contains an amount that is less than the maximum but more than the minimum required to keep the fund soundly funded pursuant to 19-18-503 (1)(a), the city or town council may, if authorized by the voters as provided in 15-10-425, levy an annual tax.
(3) All revenue from the tax must be deposited in the fund.