(a) On and after the effective date of this chapter, the Arkansas Development Finance Authority is authorized:
(1) To receive from an urban service district a pledge of revenues; and
(2) To package several programs of the districts from several counties and municipalities into a single bond issue to finance the various programs of the several districts.
(b) The authority is authorized to execute and deliver the pledges, resolutions, instruments, and other undertakings and writings and to take any action as may be appropriate to evidence the debt obligations and the security therefor and to carry out the purposes of this chapter.