§48E-10  Lien of special purpose revenue
bonds.  (a)  Special purpose revenue bonds shall be payable from the
revenues derived by the county from payments made to the county under the
project agreement or other agreements entered into with respect to the pollution
control project, and shall be secured by such revenues and by the pledges and
assignments authorized by this chapter.



(b)  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 pollution control project for which
such 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 but subject to the prior
and superior rights of outstanding bonds, claims, or obligations; provided that
the right and privilege may be reserved in any ordinance authorizing the
issuance of special purpose revenue bonds to subsequently issue additional
special purpose revenue bonds, from time to time, payable from the receipts
derived from such project agreement on a parity with the special purpose
revenue bonds thereby authorized and the subsequently issued special purpose
revenue bonds conforming to the reserved right and privilege then shall rank on
such parity as to security and source of payment.



(c)  All special purpose revenue bonds of the
same issue shall be equally and ratably secured without priority by reason of
date of sale, date of execution, or date of delivery, by a lien on the receipts
in accordance with this chapter and the ordinance authorizing the special
purpose revenue bonds. [L 1983, c 237, pt of §2]