(a) The town may borrow money for any public purpose, including refinancing of any indebtedness of the town outstanding from time to time, and may evidence such borrowing by the issue and sale of its general obligation bonds or bond anticipation notes. Such bonds or notes may be issued and sold in the manner prescribed in Sections 31 to 37, inclusive of Article 23A of the Annotated Code of Maryland (1957 Edition, as amended and replaced), Title "Corporations – Municipal," Subtitle "Home Rule," Subheading "Creation of municipal public debt"; provided that, if any ordinance authorizing the issue and sale of any of such bonds or notes so specifies, the bonds or notes may be sold at private sale, without advertisement or publication of notice of sale, or solicitation of competitive bids.
(b) The authority and powers contained in this section shall be supplementary to existing law and may be exercised in whole or in part by the town notwithstanding any other provision or limitation of law.