(1) In connection with revenue bonds issued by an authority, the authority may enter into a contract for effective interest rates.
(2) A contract for effective interest rates may be entered into at the time the bonds are issued or at any time while the bonds are outstanding.
(3) A contract for effective interest rates may also be entered into by authorities in connection with an agreement that secures bonds or provides liquidity for the bonds.
(4) A contract for effective interest rates shall be made upon the terms and conditions established by the governing body of the authority.
(5) The contract may include terms permitting the authority to pay to or receive from a person or entity any loss of benefits under the contract upon an early termination or a default under the contract.