(a) Any interim debentures may mature at such time or times not exceeding a period of time equal to the estimated time needed to effect the purpose or purposes for which they are issued or for which the bonds are authorized to be issued, but not exceeding three (3) years from the date of the interim debentures, as the board may determine.
(b) The proceeds of interim debentures shall be used to defray the cost of the project appertaining thereto.
(c) Any notes or warrants may be funded with the proceeds of interim debentures as well as with the proceeds of bonds.