1. (a) An authority may:

   1. (1) issue bonds for any of its corporate purposes;
   2. (2) issue refunding bonds to pay or retire its bonds; and

   3. (3) issue any kinds of bonds, including bonds on which the principal and interest are payable:

      1. (i) only from the income and revenues of the housing project financed with the proceeds of the bonds or with these proceeds and a grant from the State or federal government in aid of the housing project;
      2. (ii) only from the income and revenues of designated housing projects whether or not they were financed wholly or partly with the proceeds of the bonds; or
      3. (iii) from its revenues generally.
2. (b) To secure any of its bonds, an authority may pledge any revenue or mortgage a housing project or other property of the authority.

Added by Acts 2006, c. 63, § 2, eff. Oct. 1, 2006.