(1) The county trustees of the several counties of this state are authorized to pay over to the county board of education of their respective counties any balance of funds in the hands of the trustees that have been derived from special school district taxes, when and if the law or laws creating the special school district have been repealed.
(2) When any funds have been paid over to the county board of education under subsection (a), the funds shall be applied and expended by the county board of education only in accord with the limitations and provisions of §§ 49-2-502 and 49-2-1002.