(a)  The legislative body may also authorize the issuance of general obligation or revenue bonds to provide moneys to be used by the agency to carry out a redevelopment plan for a specific project area or for code enforcement projects carried on pursuant to the provision of appropriate federal legislation, and shall provide that any portion of the proceeds of the sale of the bonds, not required to carry out the redevelopment plan or code enforcement projects, shall be returned to the community and used to pay the principal and interest on any outstanding bonds of that issue, and any surplus then remaining shall be transferred to the bond redemption fund of the community.

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(b)  The bonds shall be issued and sold at times, in amounts, with maturities and other terms, and in a form that the legislative body determines. Irrespective of any limitation, by general or special law, as to the amount of the bonds which may be issued, a community may issue the bonds, for the purposes defined by this section, in excess of the limitation in the amount as may be approved by the voters of the community at any general or special election, and all bonds issued under this section are exempted from the operation of § 45-12-2. The community shall annually appropriate a sum sufficient to pay the interest upon its outstanding general obligation bonds issued under the authority of this section, and also to pay the principal of the bonds maturing in that year, until the bonds are paid in full. This section constitutes statutory approval for the incurring of debt for the purposes of chapters 31 — 33 of this title, wherever that approval is required by any general or special law.