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. (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. (2) To pledge education facility revenues to pay revenue bonds.
3. (3) To loan money to educational institutions to finance education facilities and to enter into loan contracts.
4. (4) To enter into covenants with the owners of revenue bonds which are intended to protect the rights of such owners.
5. (5) To contract with trustees to hold and administer education facility revenues and the proceeds of revenue bonds.
6. (6) To take any other action necessary to carry out the powers granted by ORS 350.665 to 350.695.

[Formerly 352.800]