bonds. (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.
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