In the manner provided by law for the issuance of bonds for other purposes, the governing body of a county or municipality may issue bonds to:

(1) acquire property for use as a park or recreational facility;

(2) acquire the equipment for a park or recreational facility;

(3) redesign, improve, construct, develop, or extend a park or recreational facility; or

(4) provide for any appropriate capital item in cooperation with other governmental units under § 1-610 of this subtitle.