In the event of the exercise by a county of the powers granted in this part, each redevelopment project of the county, two or more redevelopment projects of the county if administered as a single project, or all of the redevelopment projects of the county if administered as an entity, shall constitute an undertaking of the county. For all purposes of this part and of chapters 47 and 47C, the term “revenues” shall mean the moneys derived from the rates and charges imposed for the use and services of the undertaking or otherwise derived by the county from its ownership or operation of the undertaking, exclusive of taxes and payments made to the county for services separate and apart from this chapter but inclusive of amounts paid by the federal government for payment, or reimbursement of payment by the county, of costs of operation, maintenance and repair of an undertaking, for payment, or reimbursement of payment by the county, of principal of or interest on bonds issued for an undertaking, or for any other purpose connected with an undertaking.

Whenever and for so long as there shall be outstanding bonds issued by the county under § 53-16 as incorporated in this part or issued under said section by an agency of the county abolished as provided in this part, the county shall impose rates and charges for the use and services of the undertaking, from the revenues derived from which such bonds are payable or for which such bonds were issued, sufficient to pay the costs of operation, maintenance and repair of the undertaking and to pay the principal of and interest on such bonds. The county shall deposit such revenues in a special fund and apply the same to such payments in the amount necessary therefor.