[§39A-320]  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 project and shall be secured solely by the bond revenues and bythe pledges 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 revenues derived from the projectagreement 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 fromthe revenues that may be subsequently issued and over and ahead of any claimsor obligations of any nature against the revenues subsequently arising orsubsequently incurred; provided that the department may reserve the right andprivilege to subsequently issue additional series of special purpose revenuebonds, from time to time, payable from the revenues derived from the projectagreement on a parity with the special purpose revenue bonds previously issued,and the subsequently issued series of special purpose revenue bonds may besecured, without priority by reason of date of sale, date of execution, or dateof delivery, by a lien on the revenues in accordance with law, including thispart.

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 2006, c 148, pt of §1]