What is meant by “a maximum referendum property tax rate”?

The Delphi Community School Corporation (DCSC) Board of Trustees will annually review the  coming year’s budget and make a decision on the amount of the referendum rate to put in place  up to &0.2032 per $100 of assessed value. The rate approved by the voters is a maximum rate and the board after reviewing the budget can decide to set a lower rate. During the eight years of the referendum, if the Indiana Legislature voted to significantly change the funding formula or  make other types of school funding changes the board could even recommend that rate be  eliminated or the referendum be ended earlier than the 8 years in the question.