§10-29 - Bonds.
[§10-29] Bonds. The resolution or
resolutions authorizing the issuance of revenue bonds may pledge to the payment
thereof all or any part of the revenue of an office project or projects or the
office, and the pledge shall constitute a lien on the revenue of such project
or projects to the extent and in the manner in the resolution or resolutions
provided prior and paramount to any claim or other obligation of any nature
against the revenue so pledged subsequently arising or subsequently incurred.
The board may provide in the resolution or resolutions that all revenue bonds
of the same issue shall be equally and ratably secured without priority by
reason of number, date, or maturity of the bonds, date of sale, execution, or
delivery thereof. Any pledge of revenues contained in any resolution or
resolutions adopted under this part shall be valid and binding from and after
the adoption of the resolution or resolutions without physical delivery of the
revenues therein pledged or the necessity of any further action by the State or
the board, or any officer or agent of either the State or board. [L 1994, c
283, pt of §2(2)]