(a)

(1) The counties are hereby authorized to levy a tax or by general appropriation to raise funds to provide for the operation of the authority, including, but not limited to, costs of administration, engineering, program development, land acquisition, capital costs and bond financing and amortization. For that purpose, participating counties are hereby authorized to levy on property within the area an ad valorem tax not to exceed three cents (3¢) per each one hundred dollars ($100) of assessed valuation for the purpose of funding such project.

(2) It is the duty of the trustee or collector of property tax revenues of each participating county to collect such funds due on an annual basis resulting from such tax and deposit the same in an account of the authority. The funds shall be available for expenditures by the authority for the purposes provided for by this part.

(3) It is the duty of the assessor of property of each participating county to determine the properties that lie within the Hatchie, Obion and Forked Deer River basins for purposes of taxation, such determination of property and ownership to be a matter of public record, from which the trustee or collector shall perform such person's duty as outlined in this section.

(4) All of the procedures and penalties as apply to local property taxation by counties and municipalities in Tennessee, except as otherwise stated in this part, apply, including the collection and use of funds as described in this section. The tax levy on properties as provided in this section shall become operative and effective immediately upon the first annual assessment date for the counties after the adoption of the resolution of the county governing body levying such tax as now provided for by general statutes of Tennessee.

(b) The state is hereby authorized to issue bonds, if required, in and above direct financing, for the cost of operations of the authority, including, but not limited to, costs of administration, engineering, program development, land acquisition and capital costs and to enter into agreements with counties to participate in bond financing to complete the program and project in its entirety as projected and planned for the Hatchie, Obion, and Forked Deer River basins by the authority. Any bond issue for the cost of operations, wherein the general obligation of the state is attached must first be approved by the general assembly and provision made for amortization of both principal and interest for a period not to exceed forty (40) years.

(c) Each municipality within the area is hereby authorized and empowered to contribute to the work of the authority any amount or amounts that its respective governing bodies, acting in its sole discretion, shall approve to be paid from the general fund of the respective municipality. Municipalities are empowered to levy and collect ad valorem taxes for such purposes, which are hereby declared to be for municipal public purposes, not to exceed three cents (3¢) per each one hundred dollars ($100) of assessed valuation of the property taxed.