9-535. Prior lien of bonds


A. Except as otherwise provided in the resolution authorizing the bonds, all bonds
of the same issue under this article shall have a prior and paramount lien on the revenue
of the utility undertaking for which the bonds have been issued over and ahead of bonds
of an issue payable from that revenue which may be subsequently authorized, and over and
ahead of claims or other obligations of any nature against that revenue subsequently
arising or subsequently incurred.


B. Bonds of the same issue issued under this article shall be equally and ratably
secured, without priority by reason of number, date, sale, execution or delivery, by a
lien on the revenue in accordance with the terms of the resolution authorizing the bonds.