(a) Upon the adoption of any county of this chapter, the legislative body of such county may appropriate an amount of money from the general fund of the county in carrying out its powers and duties, and it may levy or cause to be levied an annual tax, in addition to all other taxes, which tax shall be collected by the county trustee as other taxes are collected, and shall be paid into a separate and distinct fund to be known as the “county conservation fund,” to be paid out upon the warrants drawn by the county mayor or other county fiscal officer upon requisition of the county conservation board for the payment of expenses incurred in carrying out the powers and duties of the board.

(b) The board has no power or authority to contract any debt or obligation in any year in excess of the moneys on hand immediately available for such purposes. Gifts, contributions and bequests of money and all rent, licenses, fees and charges and other revenue or money received or collected by the board shall be deposited in the county conservation fund to be used for the purchase of land, property and equipment and the payment of expenses incurred in carrying out the activities of the board, except that moneys given, bequeathed or contributed upon specified trusts shall be held and applied in accordance with the trust specified.

(c) In order to make immediately available to the board the proceeds of the annual tax hereinbefore authorized to be levied for recreation and conservation purposes, bonds of any county may be issued in anticipation of the collection of such tax in the manner hereinafter provided. Upon the filing of a petition by the board with the county legislative body asking that bonds be issued in a specified amount for the purpose of paying the cost of acquiring land and developing the same for public park, parkway, preserve, playground, or other recreation or conservation purposes within the county, then the county legislative body may call a special election to be held in the county to vote on the proposition of issuing such bonds. Notice of such election shall be published once each week for at least four (4) consecutive weeks in one (1) of the official county newspapers, and the election shall be held on a day not less than five (5) nor more than twenty (20) days after the last publication of such notice. The proposition shall be submitted in substantially the following form:

(d) Nothing herein contained shall be construed to limit the authority of the county legislative body to levy the recreation and conservation tax, but if and to whatever extent the tax is levied in any year in excess of the amount of the principal and interest falling due in such year on the bonds, the first available proceeds thereof, to an amount sufficient to meet maturing installments of principal of and interest on such bonds, shall be paid into the sinking fund for such bonds before any of such taxes are deposited in the county conservation fund or are otherwise made available to the board, and the amount required to be annually set aside to pay the principal of and interest on the bonds shall constitute a first charge upon all of the proceeds of such annual special tax, which tax shall be pledged to pay the bonds and the interest thereon.

(e) This chapter shall be construed as supplemental and in addition to existing statutory authority and as providing an independent method of financing the cost of acquiring land and developing the same for public park, parkway, preserve, playground, or other recreation or conservation purposes, and for the issuance and sale of bonds in connection therewith, and shall not be construed as subject to any other law. The fact that a county may have bonds previously issued and outstanding under authority of this chapter shall not prevent such county from issuing additional bonds hereunder.