(a) An industrial development authority may enter into the necessary contracts for the borrowing of funds, pursuant to this chapter, that the industrial development authority may determine will be required to carry out the purposes of this chapter. In this regard, an industrial development authority may issue bonds and use the proceeds of the bonds for the accomplishment of the purposes of this chapter, either alone or together with other available funds and revenues.
(b) An industrial development authority also may issue revenue bonds under this chapter for the purpose of applying a major portion of the proceeds of the revenue bonds, alone or with other revenues that may be pledged, to the acquisition of an investment contract or contracts at a rate or rates of interest at least sufficient to provide for principal, premium, if any, and interest on the revenue bonds, as due, in consideration of the receipt of a portion of the proceeds for application by the industrial development authority to one (1) or more of the purposes authorized by this chapter.