12-5227.   Pledge of bonds.Any pledge made to secure bonds shall be valid and binding from the timewhen the pledge is made. The revenues and receipts or property or interestsin property pledged and thereafter received by a city or county, trusteeor custodian shall immediately be subject to the lien of such pledge withoutany physical delivery thereof or further act, and the lien of any such pledgeshall be valid and binding as against all parties having claims of any kindin tort, contract or otherwise against such city or county,trustee or custodian, irrespective of whether the parties have notice thereof.Neither the ordinance, nor any other instrument by which a pledge is created,need be recorded.

      History:   L. 1982, ch. 60, § 9; April 22.