[§39A-290]  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, project agreements, or other supplementalagreements entered into with respect to the project or projects for thefinancing of which the special purpose revenue bonds were issued.  The specialpurpose revenue bonds shall be secured solely by these revenues and by thepledges and assignments authorized by this part.  Subject to the prior andsuperior rights of outstanding bonds, claims, obligations, or mechanic's andmaterialman's liens, all special purpose revenue bonds of the same issue shallhave a prior and paramount lien on the revenue derived from the projectagreement or agreements with respect to the project or projects for which thebonds were issued.  The lien shall be over and ahead of all special purposerevenue bonds of any issue payable from the revenues that may be subsequentlyissued and over and ahead of any claims or obligations of any nature againstthe revenues subsequently arising or subsequently incurred; provided that theright and privilege may be reserved by the department in the trust indenturesecuring an issue of special purpose revenue bonds to subsequently issueadditional special purpose revenue bonds, subject to legislative authorizationof the issue as provided in section 39A-287.  The department may also permitthe project party or another party on its behalf to incur debt, from time totime, payable from the revenues derived from the project agreement on a paritywith the first issue of the special purpose revenue bonds.  Any subsequentissue of special purpose revenue bonds and other debt issued or incurred inaccordance with the provisions of the trust indenture shall be secured equallyand ratably with the first issue of the special purpose revenue bond by a lienon the revenues in accordance with this part and without priority based on thedate of sale, date of execution, or date of delivery.

Notwithstanding any other provisions of thispart, all or part of the property constituting the project and all interest ofthe project party in the project and the revenues of the project partytherefrom may be subjected to the present and future lien of any mortgage ofthe project party securing the project party's bonds.  The rights of thedepartment and any trustee for the holders of the special purpose revenue bondsand the holders of the special purpose revenue bonds in the project and therevenues therefrom may be made subject to the prior lien of the project party'smortgage. [L 2006, c 102, pt of §2]