Upon the conditions and under the circumstances set forth in the Southern Sandoval County Arroyo Flood Control Act, the authority, to carry out the purposes of that act, from time to time may borrow money to defray the cost of any project, or any part thereof, as the board may determine and issue the following securities to evidence such borrowing:
A. notes;
B. warrants;
C. bonds;
D. temporary bonds; and
E. interim debentures.