(a)(1) The governing body of a local government may designate an area of the local government as a region within which the local government may provide financing to the record owners of real property and impose assessments for the repayment of costs of a qualified project.
(2)a. A local government may issue bonds or notes or use other financing to finance qualified projects under this article.
b. Bonds or notes issued under this section are not general obligations of the local government, but are payable from any of the following:
1. Payments of assessments on benefited real property in one or more designated regions under this article.
2. Reserves established by the local government from grants, bonds, or net proceeds or other lawfully available funds.
3. Municipal bond insurance, lines of credit, public or private guaranties, standby bond purchase agreements, collateral assignments, mortgages, or any other available means of providing credit support or liquidity.
(b) An area designated as a region by the governing body of a local government under this section:
(1) May include the entire area of the local government.
(2) Must be located wholly within the local government's jurisdiction.
(c) A local government may designate more than one region. If multiple regions are designated, the regions may be separate, overlapping, or coterminous.
(d) This article does not apply to residential property consisting of fewer than five units or individual residential units of condominiums or cooperatives or limited common elements and common elements attached to or related to the condominium or cooperative units.