(1) Every authority has the power to impose annual regular property tax levies in an amount equal to one dollar and fifty cents or less per thousand dollars of assessed value of property in the authority area when specifically authorized to do so by a majority of the voters voting on a proposition submitted at a special election or at the regular election of the authority. A proposition authorizing the tax levies will not be submitted by an authority more than twice in any twelve-month period. Ballot propositions must conform with RCW 29A.36.210. The number of years during which the regular levy will be imposed may be limited as specified in the ballot proposition or may be unlimited in duration. In the event an authority is levying property taxes, which in combination with property taxes levied by other taxing districts subject to the limitations provided in RCW 84.52.043 and 84.52.050, exceed these limitations, the authority's property tax levy shall be reduced or eliminated consistent with RCW 84.52.010.

(2) The limitation in RCW 84.55.010 does not apply to the first levy imposed under this section following the approval of the levies by the voters under subsection (1) of this section.