(a) A defense community in this state may borrow money from the state, including by direct loan, based on the credit of the defense community to finance a project included in the community’s military base or defense facility value enhancement statement.
(b) A defense community may enter into a loan agreement with the state to provide financing for a project. The defense community may pledge the taxes of the community or provide any other guarantee for the loan.

(c) Money borrowed must be segregated from other funds under the control of the defense community and may only be used for purposes related to a specific project.
(d) The authority granted by this section does not affect the ability of a defense community to incur debt using other statutorily authorized methods.