(1) An agency may pay the principal and interest on a bond issued by the agency from:
(a) the income and revenues of the project area development financed with the proceeds of the bond;
(b) the income and revenue of certain designated project area development regardless of whether the project area development is financed in whole or in part with the proceeds of the bond;
(c) the income, proceeds, revenue, property, or agency funds derived from or held in connection with the agency's undertaking and implementation of project area development;
(d) project area funds;
(e) agency revenues generally;
(f) a contribution, loan, grant, or other financial assistance from a public entity in aid of project area development, including the assignment of revenue or taxes in support of an agency bond;
(g) project area incremental revenue or property tax revenue as those terms are defined in Section 17C-1-1001; or
(h) funds derived from any combination of the methods listed in Subsections (1)(a) through (g).
(2) In connection with the issuance of an agency bond, an agency may:
(a) pledge all or any part of the agency's gross or net rents, fees, or revenues to which the agency's right then exists or may thereafter come into existence;
(b) encumber by mortgage, deed of trust, or otherwise all or any part of the agency's real or personal property, then owned or thereafter acquired; and
(c) make the covenants and take the action that:
(i) may be necessary, convenient, or desirable to secure the bond; or
(ii) except as otherwise provided in this chapter, will tend to make the bond more marketable, even though such covenants or actions are not specifically enumerated in this chapter.