On or before the first Monday of September of each year the governing authority of the municipality shall meet and levy a tax sufficient upon the taxable property of the territory, including the municipality, to provide funds for the payment of interest on bonds and the payment of bonds maturing within one year, and to provide a sinking fund for the redemption of any outstanding bonds and shall certify such levy to the boards of supervisors of each of the counties affected, prior to the date on which county tax levies are fixed, and it shall be the duty of the respective boards of supervisors to levy the tax prescribed by the governing authority of the municipality upon the taxable property of the territory, including the municipality located in their respective county. The tax collector of each county shall thereupon collect such tax in the same manner and at the same time as other taxes are collected and shall transmit the proceeds thereof to the governing authority of the municipality for deposit to the proper depository.