(a) The authority may incur or refund general obligation bonded indebtedness, secured by the levy of ad valorem property taxes, pursuant to Article XIIIA of the California Constitution, and any amendment thereto, for any purpose authorized by state law or the California Constitution.
(b) For purposes of incurring general obligation bonded indebtedness pursuant to this subdivision, the authority shall comply with the requirements of Chapter 3 (commencing with Section 53400) of Part 1 of Division 2 of Title 5.