To the extent that the directors may decide that the district cannot can not operate within its income according to the hospital rates set by it, the directors shall determine what sum of money should be raised by taxation for: (a) payment of principal payable in such year on outstanding bonds or notes or other obligations of the district; (b) payment of interest on the indebtedness created or assumed by the district; and (c) other specified expenses of the district, and, if the sum to be raised by taxation exceeds the total of (a) and (b), before the first day of March of each year the directors shall hold a special district budget meeting as provided in section 10 of this chapter. At this special district meeting, the budget shall must be thoroughly explained and the voters of the district shall must be given an opportunity to be heard. If a budget is presented in any given year, it shall be deemed is considered approved except to the extent that it shall have has been disapproved by the voters of the district at the special district budget meeting. The voters of the district shall have the right to disapprove all or any part of the budget presented by the board of directors, except provision for the payment of interest on or the principal of notes or bonds or other obligations of the district. The amount over and above the estimated income of the district required to meet the expenses in the approved budget and the sums included in any budget for the payment of interest on or the principal of notes or bonds or other obligations of the district, shall must be apportioned to the participating towns in the same ratio that each participating town's latest state valuation is to the total state valuation of all participating towns. The directors shall thereupon issue their warrants, in substantially the same form as the warrant of the Treasurer of State for taxes, to the assessors of each participating town, requiring them to assess upon the taxable polls and estates in said town the amount as approved and to commit the assessment to the constable or collector of said town, who shall have has all authority and power to collect said taxes as is in him vested in the constable or collector by law to collect state, county and municipal taxes. Any participating town may use the proceeds from gifts or trust funds allocated for hospital or medical purposes to reduce the actual amount of assessment to the local taxpayers. In the year in which the tax is so levied, the treasurer of each municipality shall pay the amount of the tax in 2 equal installments to the treasurer of the district. The first installment shall must be paid on or before August 15th and the 2nd installment on or before December 15th. In case of the failure of the treasurer of any participating town to pay any installment or part thereof of an installment on or before the