(1) In addition to the powers granted to the authority under section 58-239, the authority may:

(a) Borrow money and issue bonds for the purpose of financing wastewater treatment and safe drinking water projects; and

(b) Make and undertake commitments to deposit the proceeds from the issuance of bonds in the Wastewater Treatment Facilities Construction Loan Fund to be used to make loans for wastewater treatment projects or in such fund or any comparable state fund established with respect to financing safe drinking water facilities to be used to make loans for safe drinking water projects. Loans made through the Wastewater Treatment Facilities Construction Loan Fund for wastewater treatment facilities shall be originated and serviced pursuant to the Wastewater Treatment Facilities Construction Assistance Act. Loans made through a fund for safe drinking water facilities shall be originated and serviced pursuant to the law creating such fund.

(2) Upon the issuance of bonds for aiding the financing of wastewater treatment projects or safe drinking water projects and at the earliest time that bond proceeds become available, the authority shall transfer the proceeds, less the cost of the issuance and financing of such bond issues and the debt service reserve fund, if any, to the Wastewater Treatment Facilities Construction Loan Fund for wastewater treatment projects or to the appropriate state fund established to finance safe drinking water projects for safe drinking water projects.