(a) Any municipality is authorized to enter into such leases or projects, or parts of projects, from an authority, for such term or terms and upon such conditions as may be determined by the governing body of such municipality, notwithstanding and without regard to the restrictions, prohibitions, or requirements of any other law, whether public or private; provided, that any such project or part of a project is situated within the municipality.

(b) Whenever, and as often as a municipality enters into a lease with an authority under this chapter, the governing body of such municipality shall provide by ordinance or resolution, as the case may be, for the levy and collection of a direct annual tax sufficient to pay the annual rent payable under such lease as and when it becomes due and payable, and to pay any expenses of maintaining and operating the project required to be paid by the municipality under the terms of such lease or by instrument collateral to the lease; provided, that the ordinance or resolution may provide that the tax levy in each year shall be abated to the extent that there are on hand revenues from the operation of the leased project or any other funds of the municipality that are legally available for the making of rental payments under the lease. Such tax shall be assessed, levied, collected and paid in like manner as other taxes of the municipality and shall be in addition to all other taxes now or hereafter authorized to be levied by the municipality. Such tax shall not be included within any statutory or other limitation of rate or amount for such municipality, but shall be excluded from any statutory or other limitation of rate or amount and be in addition to any statutory or other limitation of rate or amount and in excess of any statutory or other limitation of rate or amount, notwithstanding and without regard to the prohibitions, restrictions or requirements of any other law, whether public or private. There shall be set aside from such tax levy into a special fund an amount sufficient for the payment of the annual rent, and the money in such fund shall be used exclusively for such purpose and shall not be used for any other purpose until the annual rent has been paid in full.