(a) For the purpose of carrying out any power conferred by this chapter, including preparation of the master plan and payment of engineering and related expenses, the authority may issue bonds in three general classes:
(1) bonds secured by ad valorem taxes;
(2) bonds secured by a pledge of all or part of the revenue accruing to the authority from any source other than ad valorem taxes, including the revenue received from:
(A) the sale of water or other products;
(B) the rendition of services;
(C) tolls; and
(D) charges; and
(3) bonds secured by a combination pledge of:
(A) taxes; and
(B) all or part of the revenue described by Subdivision (2).
(b) The bonds must be authorized by a board resolution.