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

(b)  All special purpose revenue bonds of thesame issue shall have a prior and paramount lien on the revenues derived fromthe project agreement with respect to the pollution control project for whichsuch bonds have been issued, over and ahead of all special purpose revenuebonds of any issue payable from the revenues which may be subsequently issuedand over and ahead of any claims or obligations of any nature against therevenues subsequently arising or subsequently incurred but subject to the priorand superior rights of outstanding bonds, claims, or obligations; provided thatthe right and privilege may be reserved in any ordinance authorizing theissuance of special purpose revenue bonds to subsequently issue additionalspecial purpose revenue bonds, from time to time, payable from the receiptsderived from such project agreement on a parity with the special purposerevenue bonds thereby authorized and the subsequently issued special purposerevenue bonds conforming to the reserved right and privilege then shall rank onsuch parity as to security and source of payment.

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