Except as otherwise provided in ORS § 350.685, a municipality shall have all powers necessary to finance education facilities in accordance with ORS § 350.665 to 350.695, including the power:

(1) To borrow money and to issue revenue bonds to finance education facilities costs or to refund revenue bonds pursuant to ORS § 287A.150.

(2) To pledge education facility revenues to pay revenue bonds.

(3) To loan money to educational institutions to finance education facilities and to enter into loan contracts.

(4) To enter into covenants with the owners of revenue bonds which are intended to protect the rights of such owners.

(5) To contract with trustees to hold and administer education facility revenues and the proceeds of revenue bonds.

(6) To take any other action necessary to carry out the powers granted by ORS § 350.665 to 350.695. [Formerly 352.800]