By resolution, the governing body of a county: may designate an area as a special taxing district; and shall create a special fund with respect to the special taxing district. A resolution creating a special fund under subsection (a) of this section shall: pledge to the special fund the proceeds of the ad valorem or special tax to be imposed as provided under § 21–508 of this subtitle; and require that the proceeds from the tax be paid into the special fund.