[§39A-320]  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 the bond revenues and by
the pledges and assignments authorized by this part.  Subject to the prior and
superior rights of outstanding bonds, claims, obligations, or mechanic's and
materialman's liens, all special purpose revenue bonds of the same issue 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 that 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 revenue
bonds, from time to time, payable from the revenues derived from the project
agreement on a parity with the special purpose revenue bonds previously 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 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 2006, c 148, pt of §1]