Sec. 5. (a) If a county issues bonds for a world war memorial under this chapter, the county fiscal body, county executive, and any other county official who fixes rates or levies taxes shall yearly tax all real and personal property within the county at a rate on each one hundred dollars ($100) of taxable property to meet the interest and principal on world war memorial bonds as they mature.
(b) Taxes levied for world war memorial bonds:
(1) shall be collected by the treasurer of a county or other proper officer in the same manner as other taxes are collected and enforced;
(2) shall be kept in a separate fund to be known as the world war memorial bond fund;
(3) shall be applied to the payment of the bonds issued under this chapter and interest as the bonds mature; and
(4) shall be deposited in an interest earning account with one (1) or more of the depositories in the county, with all interest earned becoming a part of the fund.