If no bonds authorized by this part are outstanding with respect to a special taxing district, the governing body of the municipality may use money in the special fund for:

(1) any purpose specified in this part;

(2) paying debt service on bonds to be issued later;

(3) payment or reimbursement of debt service that the municipality is obligated under a general or limited obligation to pay, or has paid, on MEDCO obligations or any bond, note, or other similar instrument issued by the State or by any unit or political subdivision of the State, the proceeds of which were used for any purpose specified in this part; or

(4) payment to the municipality to provide money for any legal purpose as determined by the governing body of the municipality.