(a) If the governing body of each member county that has territory in the service area of the project approves, a district may borrow money and pay interest to provide interim financing for a project.
(b) Borrowing under this section may not be for a period of more than 5 years.
(c) Each member county that approves a borrowing under this subsection shall guarantee payment of the principal and interest in the same way that a county makes guarantees under Part VIII of this subtitle.