(a) Municipalities and counties are authorized to use any available revenues for the accomplishment of the purposes set forth in § 14-164-205 and are authorized to issue revenue bonds and to loan and otherwise use the proceeds thereof for the accomplishment of the purposes set forth in § 14-164-205, either alone or together with other available funds and revenues.

(b) (1) The proceeds of bonds issued may be used or loaned to pay:

(A) All or any portion of the costs of accomplishing the specified purposes;

(B) All or any portion of the costs of issuing the bonds;

(C) The amount necessary for a reserve, if desirable;

(D) The amount necessary to provide debt service on the bonds until revenues for payment of the bonds are available; and

(E) Any other costs of whatever nature necessarily incidental to the accomplishment of the specified purposes.

(2)

(A) In addition, revenue bonds are authorized for the purpose of refunding any bonds issued and outstanding by a municipality or county under the provisions of Arkansas Constitution, Amendment 49 [repealed], it being declared that the refunding will be in the best interest of the municipality or county involved and will be in furtherance of the purpose of securing and developing industry in that the tax levied for Arkansas Constitution, Amendment 49 [repealed] bonds being refunded will, by virtue of the refunding, be released and thereby made available for a subsequent bond issue under Arkansas Constitution, Amendment 49 [repealed].

(B) The bonds issued under this subchapter for the purpose of refunding Arkansas Constitution, Amendment 49 [repealed] bonds may be issued solely for that purpose or may be issued for that purpose and for the accomplishment of any other purposes set forth in § 14-164-205.