Issuance of debt obligations for funding of judgments, property or casualty losses and costs of municipal projects to abate deleterious conditions re residential building concrete foundations.

(b) Any municipality may authorize the issuance of bonds, notes or other obligations in accordance with the provisions of this chapter for the purposes of (1) funding a reserve fund for property or casualty losses established pursuant to section 7-403a , or (2) funding for all or part of the cost of any project undertaken by such municipality to abate an actual or potential deleterious condition on real property that, if left unabated, would cause the collapse of a concrete foundation of a residential building due to the presence of pyrrhotite and damage the housing stock in such municipality to such an extent that a negative impact on such municipality's economy would result.