Subject to the provisions of this Charter, the Lexington-Fayette Urban County Government shall have the power and authority to participate in, cooperate in and take all necessary action with respect to any and all projects, programs and undertakings of any nature whatsoever authorized by statute, rule or regulation of the United States or the Commonwealth of Kentucky, or any federal or state agency or instrumentality, including but not limited to, airports, highways, housing, transportation, public safety, urban renewal, neighborhood redevelopment, sewers and sewage disposal, environmental protection, parks and recreation and social welfare. Pursuant to such participation and cooperation, the Urban County Government shall have the power to borrow money, issue promissory notes and general obligation bonds or revenue bonds and execute mortgages or deeds of trust in favor of any state or federal agency secured by property of which the Urban County Government is the legal or beneficial or equitable owner.