Whenever, by the returns of such election, it shall appear that there is a majority voting in favor of the levy and assessment of such special tax, the corporate authorities of the said borough may levy and assess the same, to the amount named and specified in the notice given for the holding of such election, and the moneys arising from such tax shall be applied, at such periods as the borough may determine, for the purposes for which assessed and collected.
53 P.S. § 49245