Annual levy; amount. For the purpose of providing additional
funds to pay the semiannual interest on such notes, certificates of indebtedness
or bonds, and the principal thereof, of each of said districts, when and as
they mature, and providing all the funds necessary to pay the costs and expenses
of each district to carry into effect the provisions of this chapter and the
entire cost of repairing and keeping in repair each district and the shore
erosion control works constructed therein, the County Council, acting as District
Council for each district, shall annually levy against all assessable property
in each district so improved, a tax which, with the money collected from the
benefit charges, will be sufficient to meet the interest on said notes, certificates
of indebtedness or bonds as it becomes due, the principal thereof when and
as they mature, and to pay the entire cost of all necessary expenses of each
district to carry into effect the provisions of this chapter and the entire
cost of repairing and keeping in repair the shore erosion control works constructed
in each district, including reimbursement to the County Council, acting as
District Council for each district, of the expenses incurred by the County
annually, in the inspection of the various bulkheads, and in the performance
of other duties required in the administration of the provisions of this chapter.
The County Council, acting as District Council for each district, shall, each
year, prior to its annual levy, determine the number of cents per $100 necessary
to raise the amount of money so required, and each year, in its annual levy
shall levy the tax abovementioned until all of said notes, certificates of
indebtedness or bonds, and the interest thereon, and all other indebtedness
incurred in carrying into effect the provisions of this chapter shall have
been paid. Thereafter, it shall levy a tax sufficient only to keep in repair
the shore erosion control works.