[§39A‑230]  Security for specialpurpose revenue bonds.  Special purpose revenue bonds shall be payablesolely from the revenues derived by the department from payments made to thedepartment under the project agreement or other supplemental agreements enteredinto with respect to the project, and shall be secured solely by such revenuesand by the pledges and assignments authorized by this part.  All specialpurpose revenue bonds of the same issue, subject to the prior and superiorrights of outstanding bonds, claims, obligations, or mechanic's andmaterialman's liens, shall have a prior and paramount lien on the revenuesderived from the project agreement with respect to the project, for which thebonds have been issued, over and ahead of all special purpose revenue bonds ofany issue payable from the revenues which may be subsequently issued and overand ahead of any claims or obligations of any nature against the revenuessubsequently arising or subsequently incurred; provided that the right andprivilege may be reserved by the department in the trust indenture securing anissue of special purpose revenue bonds to subsequently issue additional specialpurpose revenue bonds, subject to legislative authorization of the issue asprovided in section 39A‑227, or to permit the project party or anotherparty on its behalf to incur debt, from time to time, payable from the revenuesderived from such project agreement on a parity with the first issue of thespecial purpose revenue bonds and any subsequent issue of special purposerevenue bonds and other debt issued or incurred in accordance with theprovisions of the trust indenture shall be secured equally and ratably with thefirst issue of the special purpose revenue bond without priority by reason ofthe date of sale, date of execution, or date of delivery, by a lien on therevenues in accordance with this part.

Notwithstanding any other provisions herein,all or part of the property constituting the project and all interest of theproject party in the project and the revenues of the project party therefrommay be subjected to the present and future lien of any mortgage of the projectparty securing the project party's bonds, and the rights of the department andany trustee for the holders of the special purpose revenue bonds and theholders of the special purpose revenue bonds in the project and the revenuestherefrom may be made subject to the prior lien of the project party'smortgage. [L 1994, c 280, pt of §6]