A municipality may issue bonds payable from ad valorem taxes in the amount it considers expedient to:
(1) construct or purchase permanent improvements inside the municipal boundaries, including public buildings, waterworks, or sewers;
(2) construct or improve the streets and bridges of the municipality; or
(3) construct or purchase building sites or buildings for the public schools and other institutions of learning inside the municipality, if the municipality has assumed exclusive control of those schools and institutions.