A governing commission, with no less than $4,000,000 unencumbered funds in its guarantee fund, may, if authorized by resolution of the governing commission upon approval by two-thirds of the commissioners, establish a Tax Reimbursement Program to make reimbursements to each applicable taxpayer for an amount of no more than the total of their pro rata share of the annual levy imposed by the commission. Prior to authorizing a reimbursement program, an independent licensed public accountant not connected with the commission or any entity conducting business with the commission shall audit the commission and the proposal for the program. The commission may create a program if the independent licensed public accountant determines that such a program will not reduce the balance of the guarantee fund to less than $3,000,000. For the purposes of this Section, “applicable taxpayer” means the owner of record that paid the tax levied on property in accordance with Section 11 of this Act.