(a) The authority may:
(1) issue revenue bonds; and
(2) distribute the bond proceeds to any appropriate agency to:
(A) acquire, construct, or equip a new facility; or
(B) make a major repair of or renovate a:
(i) facility;
(ii) corrections institution, including a facility authorized by Section 495.001(a) or 495.021(a);
(iii) criminal justice facility for the Texas Department of Criminal Justice;
(iv) youth corrections institution; or
(v) mental health institution or intellectual disability institution.
(b) The bond proceeds may be used to refinance an existing obligation for a purpose described by Subsection (a).