(a) This section applies only to an authority created by a municipality with a population of less than 25,000.
(b) The board may, on behalf of the authority, borrow money from a federally insured lending institution for any of the authority’s purposes.

(c) The board may borrow money in the amount it considers advisable subject to a rate of interest and other terms and conditions it considers advisable.
(d) A loan for which bonds are pledged shall mature not later than the first anniversary of the date on which the loan is made.