Projects for dredging channels adjacent to federal, State, county or municipal main channels or harbors may be financed by interest-free loans to a governing body for the benefit of a residential property owner or a group of residential property owners with land abutting the adjacent channel. Except as provided in paragraph (2) of this subsection, unless every residential property owner with land abutting the adjacent channel agrees to participate in the financing of the dredging project, the dredging project may not be approved. If all residential property owners abutting a channel adjacent to a main channel or harbor agree to exempt a residential property owner or group of residential property owners from participating in the financing of the dredging project, the residential property owner or group of residential property owners shall be exempt. Repayments of the principal on loans made under this section shall be made by the governing body in accordance with § 8-708(c) of this subtitle.