§206E-104  Revenue bonds; payment andsecurity.  (a)  The revenue bonds shall be payable from and secured by therevenues derived from the benefits of the reserved housing loan programs forwhich the revenue bonds are issued, including:

(1)  Any payment made for eligible loans or eligibleproject loans or other agreements entered into for the reserved housing loanprograms;

(2)  Revenues derived from insurance proceeds;

(3)  Reserve accounts and earnings thereon; and

(4)  Revenues resulting from loans to mortgage lendersor from the payment on account of principal of and interest on loans purchasedfrom mortgage lenders.

(b)  The authority may pledge any revenuederived from the reserved housing loan programs financed from the proceeds ofthe revenue bonds to the punctual payment of the principal, interest, andredemption premiums, if any, on the revenue bonds.

(c)  The revenue bonds may be additionallysecured by the pledge or assignment of the loans and other agreements or anynote or other undertaking, obligation, or property held by the authority tosecure the loans.

(d)  Any pledge made by the authority shallcreate a perfected security interest in the revenues, moneys, or property sopledged and thereafter received by the authority from and after the time that afinancing statement with respect to the revenues, moneys, or property sopledged and thereafter received shall be filed with the bureau of conveyances. Upon such filing, the revenues, moneys, or property so pledged and thereafterreceived by the authority shall immediately be subject to the lien of suchpledge without any physical delivery thereof or further act, and the lien ofany such pledge shall be prior to the lien of all parties having claims of anykind in tort, contract, or otherwise against the authority, irrespective ofwhether such parties have notice thereof. [L 1982, c 228, pt of §8]