(a) The governing body of the municipality may appropriate municipal revenues to:
(1) retire and discharge the accrued indebtedness of the municipality;
(2) improve public markets and streets; or
(3) erect and operate municipal hospitals, a city hall, waterworks, or other municipal buildings and facilities.
(b) The governing body may appropriate municipal revenues under this section in amounts and under conditions that it considers appropriate.
(c) In order to fulfill its functions under this section, the governing body may borrow money based on the credit of the municipality.