(1) When a union high school district becomes a common school district, as described in ORS 335.505, the common school district shall be entitled to an increased allocation, based on the total average daily membership, as defined in ORS 327.006, of the new common school district as follows:
(a) An additional 15 percent in the first year of operation as a common school district;
(b) An additional 10 percent in the second year of operation as a common school district; and
(c) An additional five percent in the third year of operation as a common school district.
(2) The amounts authorized by this section shall be computed based on the computation of the affected district’s allocation of moneys from the State School Fund but shall be payable from funds specifically appropriated for the purposes of this section.