33.305.  Board of fund commissioners and board of public buildings, additional authority. — 1.  "Public entity", as used in this section, shall mean the board of fund commissioners of the state and the state board of public buildings.

  2.  Any public entity as defined in subsection 1 of this section may:

  (1)  Execute and perform any obligations under any instruments, contracts, or agreements convenient or necessary to incur obligations with interest calculated at a fixed or variable rate, provided that no more than twenty percent of the debt of the public entity to be outstanding on the day after the issuance of any variable rate debt shall be variable rate debt; and

  (2)  Obtain without any requirement for bidding, but with compliance with the public entity's policies, credit enhancement or other financing arrangements and execute and perform any obligations under any related contracts and agreements convenient or necessary to facilitate such enhancement or financing arrangements including but not limited to arrangements such as municipal bond insurance; surety bonds; liquidity facilities; forward agreements; tender agreements; remarketing agreements; option agreements; interest rate swap, exchange, cap, lock or floor agreements; letters of credit; and purchase agreements.

  3.  All financial arrangements entered into under the provisions of this section shall be fully enforceable as valid and binding contracts as and to the extent provided herein and by other applicable law.

  4.  Nothing in this section shall be applied or interpreted to diminish the power any public entity may otherwise have under any other provisions of law.