[§39A‑230]  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 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 mechanic's and
materialman's liens, shall have a prior and paramount lien on the revenues
derived from the project agreement with respect to the project, for which the
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 right and
privilege may be reserved by the department in the trust indenture securing an
issue of special purpose revenue bonds to subsequently issue additional special
purpose revenue bonds, subject to legislative authorization of the issue as
provided in section 39A‑227, or to permit the project party or another
party on its behalf to incur debt, from time to time, payable from the revenues
derived from such project agreement on a parity with the first issue of the
special purpose revenue bonds and any subsequent issue of special purpose
revenue bonds and other debt issued or incurred in accordance with the
provisions of the trust indenture shall be secured equally and ratably with the
first issue of the special purpose revenue bond without priority by reason of
the date of sale, date of execution, or date of delivery, by a lien on the
revenues in accordance with this part.



Notwithstanding any other provisions herein,
all or part of the property constituting the project and all interest of the
project party in the 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 project and the revenues
therefrom may be made subject to the prior lien of the project party's
mortgage. [L 1994, c 280, pt of §6]