(a) Land excluded from the district under § 54.748 that is pledged as security for any outstanding debt of the district remains pledged for its pro rata share of the debt until final payment is made. The district shall continue to levy and collect taxes on the excluded land at the same rate levied on land remaining in the district until the amount of taxes collected from the excluded land equals the land’s pro rata share of the district’s debt outstanding at the time the land was excluded from the district.
(b) The district shall apply the taxes collected on the excluded land only to the payment of the excluded land’s pro rata share of the debt.