(a) To construct and maintain a project, a municipality may borrow money from the United States or an agency of the United States created for the purpose of making such a loan.
(b) To obtain the loan, a municipality may encumber:
(1) the property and facilities of the project acquired or to be acquired;
(2) the revenue and income from the operation of the project acquired or to be acquired; and
(3) anything relating to the project acquired or to be acquired.
(c) As additional security for the loan, the municipality may:
(1) encumber the net revenue and income from the operation of all projects; and
(2) provide in the encumbrance for a grant, to a purchaser under sale or foreclosure, of a franchise to operate the encumbered project for a term not to exceed 20 years from the date of purchase, subject to all laws regulating the same then in force.