Subject to compliance with applicable provisions of the Constitution of Alabama of 1901, as amended, the state or any political subdivision of the state, upon approval by the governing body thereof in accordance with law and upon such terms and with or without consideration as it determines, may do all of the following:
(1) Lend or donate money for, or perform services for the benefit of, the project.
(2) Donate, sell, convey, transfer, lease, or grant any property of any kind to, or for the use or benefit of, the project.
(3) Grant abatements of taxes for the benefit of the project, provided however, that there shall be no abatement of taxes of which the proceeds are designated for the benefit of public education.
(4) Do any and all things, whether or not specifically authorized in this section, not otherwise prohibited by law, that are necessary or convenient to aid the planning, undertaking, acquisition, construction, financing, maintenance, management, operation, repair, or capital improvement of the project.
(5) Incur indebtedness in order to provide moneys to make any loan, donation, or payment authorized in this section.