Pursuant to the authority conferred upon the Mayor and City Council of Havre de Grace, by the general assembly of Maryland, the City of Havre de Grace hereby creates within the corporate limits of the City of Havre de Grace a special taxing district for the purpose of financing the design, construction, establishment, extension, alteration, acquisition and maintenance of adequate storm drainage systems. A special taxing district is hereby created to be known as the "Critical Area Taxing District." An ad valorem tax shall be levied on all real property located within this special taxing district at a rate not exceeding $1 per $100 of assessed value sufficient to provide adequate annual revenues to pay the principal and interest on any bonds or other obligations of the Mayor and City Council of Havre de Grace issued for the purposes provided herein as the principal and interest thereon may become due and to pay the cost of operating and maintaining such facilities and activities from time to time. The tax levied pursuant hereto shall be levied in the same manner, upon the same assessments, for the same period or periods, and as of the same date or dates of finality as are now or may hereafter be prescribed for ad valorem taxes within the City of Havre de Grace.