Bonds issued by a school district under the bonded indebtedness limitation of Article X, Section 15(7)(a) of the South Carolina Constitution and called before the maturity date only may be reissued if the amount required to service the reissuance and to pay off the called bonds does not:

(1) increase by more than eight percent in any one year the amount of the district’s budget needed to service the original bonded indebtedness; or

(2) exceed the debt limit of the district.