(1) The principal and interest on a bond issued by an agency may be paid from:

1. (a) the income and revenues of the project area development financed with the proceeds of the bond;
2. (b) the income and revenue of certain designated project area development regardless of whether the project area development is financed in whole or in part with the proceeds of the bond;
3. (c) the income, proceeds, revenue, property, or agency funds derived from or held in connection with the agency's undertaking and implementation of project area development;
4. (d) project area funds;
5. (e) agency revenues generally;
6. (f) a contribution, loan, grant, or other financial assistance from a public entity in aid of project area development, including the assignment of revenue or taxes in support of an agency bond; or
7. (g) funds derived from any combination of the methods listed in Subsections (1)(a) through (f).

(2) In connection with the issuance of an agency bond, an agency may:

1. (a) pledge all or any part of the agency's gross or net rents, fees, or revenues to which the agency's right then exists or may thereafter come into existence;
2. (b) encumber by mortgage, deed of trust, or otherwise all or any part of the agency's real or personal property, then owned or thereafter acquired; and

3. (c) make the covenants and take the action that:

   1. (i) may be necessary, convenient, or desirable to secure the bond; or
   2. (ii) except as otherwise provided in this chapter, will tend to make the bond more marketable, even though such covenants or actions are not specifically enumerated in this chapter.