(a) This section applies only to an issuer that is:
(1) a county;
(2) a municipality with a population of 80,000 or more;
(3) an eligible school district; or
(4) an eligible countywide district.
(b) Notwithstanding anything in this chapter to the contrary, the governing body may exercise the authority granted to the governing body of an issuer with regard to issuance of obligations under Chapter 1371, except that the prohibition in that chapter on the repayment of an obligation with ad valorem taxes does not apply to an issuer exercising the authority granted by this section.