§39A‑120  Security for special purpose
revenue bonds.  Special purpose revenue bonds shall be payable solely from
the revenues derived by the department from payments made to the department
under the project agreement or other agreements entered into with respect to
the project, and shall be secured solely by such revenues and by the pledges
and assignments authorized by this part.  All special purpose revenue bonds of
the same issue, subject to the prior and superior rights of outstanding bonds,
claims, obligations, or mechanics' and materialmen's liens, shall have a prior
and paramount lien on the revenues derived from the project agreement with
respect to the project, for which such bonds have been issued, over and ahead
of all special purpose revenue bonds of any issue payable from the revenues
which may be subsequently issued and over and ahead of any claims or
obligations of any nature against the revenues subsequently arising or
subsequently incurred; provided that the department may reserve the right and
privilege to subsequently issue additional series of special purpose revenue
bonds, from time to time, payable from the revenues derived from such project
agreement on a parity with the special purpose revenue bonds theretofore
issued, and the subsequently issued series of special purpose revenue bonds may
be secured, without priority by reason of date of sale, date of execution, or
date of delivery, by a lien on the revenues in accordance with law, including
this part. [L 1981, c 121, pt of §2]