Sec. 22. (a) The board may do the following:
(1) Enter into agreement with and accept money from a federal or state agency or department.
(2) By the agreement provide the manner in which resulting debt is evidenced, with:
(A) the term;
(B) the interest rate; and
(C) the method and time of repayment;
subject to statutes governing the federal or state agency or department, without regard to other limitations of this article.
(b) The board may also enter into an agreement with a person, municipality, county, or special taxing district, whether or not the person, municipality, county, or special taxing district is in the district, for any purpose compatible with the purposes for which the district exists. The municipality, county, or special taxing district may enter into the agreement.