§39-63 - Lien and charge of revenue bonds.
§39-63 Lien and charge of revenuebonds. Unless otherwise provided in the resolution or certificate, allrevenue bonds of the same issue shall, subject to the prior and superior rightsof outstanding revenue bonds, claims, or obligations, have a prior andparamount lien and charge on the revenue, or the user taxes, or combination ofboth, of the undertaking or loan program for which the revenue bonds have beenissued, pledged to the payment thereof, over and ahead of all bonds of anyissue payable from the revenue, or user taxes, or combination of both, whichmay be subsequently issued and over and ahead of any claims or obligations ofany nature against the revenue, or user taxes, or combination of both,subsequently arising or subsequently incurred. All revenue bonds of the sameissue shall be equally and ratably secured without priority by reason ofnumber, date of bonds, of sale, of execution, or of delivery, by a lien andcharge on the revenue or user taxes, or combination of both, pledged to the paymentthereof, in accordance with this part and the resolution or certificateauthorizing the issuance of revenue bonds. [L 1988, c 28, pt of §3]