A. Nothing in this act shall prevent the board of directors from using the levy provided for in Section 902.15 of Title 19 of the Oklahoma Statutes for financing improvements on a pay-as-you-go basis provided the district has no outstanding bonds or other evidences of indebtedness. Pay-as-you-go improvements shall be subject to the assessment limits in Section 902.15 of Title 19 of the Oklahoma Statutes, shall be approved in the same manner as described in Section 902.12 of Title 19 of the Oklahoma Statutes and shall not be approved for more than the actual estimated cost of such purchase and construction. For the purposes of this section, “pay-as-you-go improvements” shall be defined as improvements that are constructed and paid for when necessary revenues are accumulated.

B. A district choosing to finance improvements on a pay-as-you-go basis shall not issue bonds or other evidences of indebtedness until a time following the financing and completion of pay-as-you-go improvements.