The answer is No, The auditor is limited to collecting the yearly payment only.
Here is the explanation from School Treasurer Charlene Mercure.
If the collections on the bond issue are in excess of what is needed, then the bond issue millage is reduced to ensure that there is not an excess of collections. The county auditor works with the school district to make sure this is not the case. A school district is not allowed to collect more than is needed to make the bond payments. Thus, if property values increase and collection on taxes exceeds what is necessary to make the bond payments, the millage would be reduced.