[§163D-10]  Revenue bonds; payment and
security.  (a)  The revenue bonds shall be payable from and secured by the
real properties benefited or improved and the assessments thereon, or by the
revenues derived from the project facility for which the revenue bonds were
issued, including revenue derived from insurance proceeds and reserve accounts,
and earnings thereon.



(b)  The corporation may pledge revenues
derived from the project facility financed from the proceeds of the revenue
bonds to the punctual payment of the principal, interest, and redemption
premiums, if any, on the revenue bonds.



(c)  The revenue bonds may be additionally
secured by the pledge or assignment of the loans and other agreements or any
note or other undertaking, obligation, or property held by the corporation to
secure the loans.



(d)  Any pledge made by the corporation shall
create a perfected security interest in the revenues, moneys, or property so
pledged and thereafter received by the corporation from and after the time that
the financing statement with respect to the revenues, moneys, or property so
pledged and thereafter received are filed with the bureau of conveyances.  Upon
this filing, the revenues, moneys, or property so pledged and thereafter
received by the corporation shall immediately be subject to a lien of any such
pledge without any physical delivery thereof or having claims of any kind in
tort, contract, or otherwise against the corporation, irrespective of whether
the parties have notice thereof.  This section shall apply to any financing
statement heretofore or hereafter filed with the bureau of conveyances with
respect to any pledge made to secure revenue bonds issued under this chapter.
[L 1994, c 264, pt of §1]