The joint powers airport authority may apply the proceeds from the sale of its bonds to further any of its lawful purposes, including to pay:

1. Costs and estimated costs of the issuance of the bonds.

2. Costs of feasibility studies.

3. Engineering, inspection, fiscal and legal expenses.

4. Costs of interest estimated to accrue on money borrowed or that will be borrowed as the board of directors may determine.

5. Reserve funds, including those for debt service and working capital.

6. Costs and fees related to credit enhancement.

7. Costs of the services of agents, consultants or experts retained or employed in planning, preparing, supervising, financing and completing the undertaking.