§39A‑200  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 supplemental agreements entered into with
respect to the energy 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 energy 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
revenues 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.



Notwithstanding any other provision hereof, the
property in the energy project and all interest of the project party in the
energy project and the revenues of the project party therefrom may be subjected
to the present and future lien of any mortgage of the project party securing
the project party's bonds, and the rights of the department and any trustee for
the holders of the special purpose revenue bonds and the holders of the special
purpose revenue bonds in the energy project and the revenues therefrom may be
made subject to the prior lien of the project party's mortgage. [L 1981, c 151,
pt of §2]