An annual tax of up to $0.55 per $100 of assessed value is levied upon all real estate located within the boundaries of the Stoney Creek Sanitary District, which is subject to local taxation, for the purpose of constructing, maintaining and operating the water supply and sewerage systems, to pay the interest on and principal of any bonds issued by the District, to increase the sinking fund provided for the payment of any bond issued by the District and for any other purpose permitted by law.