§39A‑200  Security for special purposerevenue bonds.  Special purpose revenue bonds shall be payable solely fromthe revenues derived by the department from payments made to the departmentunder the project agreement or other supplemental agreements entered into withrespect to the energy project, and shall be secured solely by such revenues andby the pledges and assignments authorized by this part.  All special purposerevenue bonds of the same issue, subject to the prior and superior rights ofoutstanding bonds, claims, obligations, or mechanics' and materialmen's liens,shall have a prior and paramount lien on the revenues derived from the projectagreement with respect to the energy project for which such bonds have beenissued, over and ahead of all special purpose revenue bonds of any issuepayable from the revenues which may be subsequently issued and over and aheadof any claims or obligations of any nature against the revenues subsequentlyarising or subsequently incurred; provided that the department may reserve theright and privilege to subsequently issue additional series of special purposerevenues bonds, from time to time, payable from the revenues derived from suchproject agreement on a parity with the special purpose revenue bonds theretoforeissued and the subsequently issued series of special purpose revenue bonds, maybe secured, without priority by reason of date of sale, date of execution, ordate of delivery, by a lien on the revenues in accordance with law, includingthis part.

Notwithstanding any other provision hereof, theproperty in the energy project and all interest of the project party in theenergy project and the revenues of the project party therefrom may be subjectedto the present and future lien of any mortgage of the project party securingthe project party's bonds, and the rights of the department and any trustee forthe holders of the special purpose revenue bonds and the holders of the specialpurpose revenue bonds in the energy project and the revenues therefrom may bemade subject to the prior lien of the project party's mortgage. [L 1981, c 151,pt of §2]