The board of directors shall meet on the first Tuesday after the first Monday of September of each year to determine the rate of tax to be levied for district purposes for the next ensuing year. The amount of money to be raised shall be estimated by including the following:
(a)
The amount necessary to pay the interest and the part of the principal of the funded debt that will become due in the current year.
(b)
The amount needed for salaries, wages, repairs, maintenance and operation.
(c)
The amount needed for salvage, fees and delinquencies.
(d)
The amount of floating debt that it may be desirable to pay during the current year.