5-867. Lien of pledge


A. Any pledge made under this article is valid and binding from the time when the
pledge is made.


B. The monies pledged to the holders of the bonds and received by the authority for
placement in the debt service account are immediately subject to the lien of the pledge
without any further act. Any lien of any pledge is valid and binding against all parties
who have claims of any kind against the authority, regardless of whether the parties have
notice of the lien. The official resolution or any instrument by which this pledge is
created, when adopted by the board, is notice to all concerned of the creation of the
pledge, and those instruments need not be recorded in any other place to perfect the
pledge.