After the director has entered into one or more grant agreements, the board may issue and sell grant anticipation notes. The principal, premium, if any, and interest on the notes shall be paid solely from any of the following:
1. The grant revenues.
2. If provided by the board at the time of authorizing the issuance of the grant anticipation notes, other monies lawfully available for application to that purpose, including the proceeds from the sale of other obligations of the director.