(a) Issuance.--Local financing or owner financing may be used to issue bonds to finance qualified projects.
(b) Restrictions.--Bonds issued under this chapter may not be general obligations of the municipality or county.
(c) Use of proceeds.--Funds generated from the issuance of a bond may only be used for the following purposes:
(1) Design, engineering and project development costs of a qualified project.
(2) Infrastructure related to and necessary for a qualified project.
(3) Purchase and installation cost of any equipment needed for a qualified project.
(4) Payment of normal and customary issuance and closing fees of a bond.
(5) Normal and customary administrative fees necessary to continue operations of the municipal or county financing agency. The fees can include, but are not limited to, audits and application fees.