As authorized and approved by the governing body of an issuer, the governing body may issue, sell, and deliver an obligation to:
(1) finance a project cost;
(2) refund an obligation issued in connection with an eligible project; or
(3) finance all or part of a payment owed or to be owed on:
(A) the establishment of a credit agreement; or
(B) the settlement or termination, at maturity or otherwise, of a credit agreement, whether the settlement or termination occurs:
(i) at the option of the issuer or the other party to the credit agreement; or
(ii) by operation of the terms of the credit agreement.