7-7-4421. Authority to issue revenue bonds. (1) In addition to the powers that it may now have, any municipality has power under this part to:

(a) issue its bonds to finance in whole or in part the cost of the acquisition, purchase, construction, reconstruction, improvement, betterment, or extension of any undertaking;

(b) pledge to the punctual payment of the bonds issued under part 45 or this part and interest on the bonds an amount of the revenue of the undertaking, including improvements, betterments, or extensions thereafter constructed or acquired, or of any part of the undertaking sufficient to pay the bonds and interest as they become due, with an amount consisting of all or any part or portion of the revenue, and create and maintain reasonable reserves for the bonds.

(2) If applicable, the municipality shall specify whether the bonds are tax credit bonds as provided in 17-5-117, recovery zone economic development bonds or recovery zone facility bonds as provided in 7-7-140, or qualified energy conservation bonds as provided in 7-7-141.