(1) The board is authorized to defray the cost of acquiring, constructing, maintaining, expanding, financing or improving any airport facilities or air navigation facilities or any part thereof or interest therein, or contract for services therefrom, through the issuance of revenue bonds in the manner provided in KRS 183.630 through 183.740, or through the purchase of securities, stocks, or bonds of any other governmental unit or body politic.
(2) The board may, as an alternative method and in addition to all other methods provided by law, acquire, construct, maintain, expand, finance or improve airports, airport facilities or air navigation facilities or any part thereof or interest therein, or contract for services therefrom, and issue revenue bonds in connection therewith under the terms and provisions of KRS Chapter 58 and under said law the term "governmental agency" means the board and any airport board or airport created pursuant to the provisions of KRS Chapter 183 as it existed prior to the enactment of Chapter 179, Acts of the General Assembly, Regular Session 1960, shall be deemed to have been established pursuant to this chapter with all of the powers, functions and duties as herein prescribed, and the term "public project" means airports and airport facilities and air navigation facilities.