These are two separate phrases. They are not part of the same sentence. They are from a famous book by Dr. Seuss, "The Cat in the Hat."
It is a book that is intended to help children learn to read. However, children who are learning to read actually have a good understanding of English. Dr. Seuss has fun with language. He writes unusual, and sometimes incorrect English. All of his books are written in rhyming verse. Sometimes he plays with words in order to make them fit the rhythm and rhyme. Sometimes he even makes up words of his own.
The context of the first phrase is:
"And then something went BUMP!
How that bump made us jump!"
"To bump" can mean "to strike, hit, or collide with something." It can also mean the loud, dull noise you hear when something bumps against something. "Then something went BUMP!" means "something bumped and made a loud noise." In this case, the door bumped against the wall when the Cat in the Hat walked in. He walked in quickly. He wasn't careful. He flung the door open. It bumped against the wall.
The context for the second is:
"I know it is wet and the sun is not sunny.
But we can have lots of good fun that is funny!”
He is playing on the slightly different meanings of "fun" and "funny." "Lots of good fun" means "entertaining, enjoyable activities." "Funny" means "something comical that makes us laugh." A game of chess is good fun, but it doesn't make us laugh. It is fun, but it is not funny.
The Cat in the Hat promises good fun that is funny. In reality, the Cat in the Hat is mischievous. What he does is not really "good fun."
The phrase "good fun that is funny" is a kind of joke or pun. It is not a natural thing to say. In fact, it is so unusual that I immediately recognized it as a phrase from "The Cat in the Hat."