The various counties, towns and incorporated municipalities in the region are hereby authorized and empowered to:
(1) Contribute to the work of the agency any amount or amounts of money that their respective governing bodies, acting in their sole discretion, approve to be paid from the general fund of the respective county or city. County legislative bodies and governing bodies of the cities or towns are empowered to levy and collect ad valorem taxes for purposes that are hereby declared to be for municipal and county public purposes; and
(2) Issue their bonds as provided in title 9, chapter 21 to obtain funds for the financing of projects undertaken by the agency or to secure advances made by federal agencies for the construction of projects in the region pursuant to agreements with the agency.