(1) Notwithstanding any other provision of law, a municipal corporation may enter into a loan contract with the State Department of Energy to finance a small scale local energy project. (2) In order to finance a small scale local energy project, the Director of the State Department of Energy, on behalf of the state and in lieu of entering into a loan contract under subsection (1) of this section, may purchase or otherwise acquire a municipal corporations general obligations or revenue obligations, including but not limited to bonds, notes, certificates of participation, warrants or lease purchase agreements. (Bonds)
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