(A) To raise the necessary revenues to pay for the bonds issued and the interest on said bonds, the Board:
(1) After approval by the legislative body of the municipality, shall levy a special benefit tax upon all of the property of the storm water district in the amount necessary to meet and pay the principal of the bonds as they severally mature, together with all accruing interest; and
(2) Shall certify the tax levied each year to the Fiscal Officers of the municipality and of the county in which the storm water district is located at the same time the levy of the municipality is certified.
(B) The tax levied and certified shall be estimated and entered upon the tax duplicate and shall be collected and enforced in the same manner as state and county taxes are estimated, entered and enforced. In fixing the amount of the necessary levy, the Board:
(1) Shall consider the amount of revenues derived by the Board from the operation of the storm water system under its jurisdiction above the amount of revenues required to pay the costs of the operation and maintenance of the storm water system; and
(2) May, in lieu of making the levy in this section, set aside by resolution a specific amount of the surplus revenues to be collected before maturity of the principal and interest of the bonds payable in the following calender year.
(C) The special tax shall be deposited in the Bond and Interest Redemption Account.
(Prior Code, § 3.80.180)