Section 2. Purpose of act.
It is the intention of this act to provide a comprehensive authorization for the issuance of special obligations represented by bonds which:
(1) shall be for the purpose of financing inventory or receivables or both or any part thereof;
(2) shall be payable from available utility revenues; and
(3) shall be excluded in ascertaining the debt incurring capacity of the city.
The provisions of this act shall be complete and full authority, any other act, general, special or local, to the contrary notwithstanding, governing all matters, procedural or substantive, required or permitted hereby and no requirements of other acts or portions of acts need be observed.