Notwithstanding law or charter to the contrary, all governmental entities having the power to tax shall have authority to levy an annual property tax in the amount necessary to pay all claims, settlements, or judgments secured pursuant to the provisions hereof, or to pay the costs to defend against same, or for the purpose of establishing and maintaining a reserve or special fund as the same may be established pursuant to § 29-20-401 for the payment of such claims, settlements, or judgment as may be reasonably anticipated, or to pay the premium for such insurance as herein authorized, including insurance provided for in § 29-20-406, even though as a result of such levy the maximum levy as otherwise restricted by law is exceeded thereby; provided, that in no event shall the revenues derived therefrom be used for any other purpose than those stipulated herein.