An authority created pursuant to this article is hereby authorized to fix,revise, and charge for the use of the service furnished by the project and tocontract with any unit or department of government at any level, includingcities, counties, towns, authorities, regional jail boards, and the state andfederal governments and their respective departments, commissions andagencies, desiring the use of any part thereof, and to fix the terms,conditions, rents, and rates of charges for such use. Such charges shall beso fixed and adjusted in respect to the aggregate of the charges from theproject as to provide a fund sufficient with other revenues, if any, to pay(i) the cost of maintaining, repairing, and operating such project and (ii)the principal of and interest on such bonds as the same shall become due andpayable and to create reserves for such purposes. The revenues derived fromthe project, except such part thereof as may be necessary to pay such cost ofmaintenance, repair, and operation and to provide such reserves therefor asmay be provided for in the resolution authorizing the issuance of such bondsor in the trust agreement securing the same, shall be set aside at suchregular intervals as may be provided in such resolution or such trustagreement in a sinking fund which is hereby pledged to, and charged with, thepayment of the principal of and the interest on such bonds as the same shallbecome due, and the redemption price or the purchase price of bonds retiredby call or purchase as therein provided. Such pledge shall be valid andbinding from the time when the pledge is made; the revenues or other moneysso pledged and thereafter received by the authority shall immediately besubject to the lien of such pledge without any physical delivery thereof orfurther act, and the lien of any such pledge shall be valid and binding asagainst all parties having claims of any kind in tort, contract or otherwiseagainst the authority, irrespective of whether such parties have noticethereof. Neither the resolution nor any trust agreement by which a pledge iscreated need be filed or recorded except in the records of the authority.The use and disposition of moneys to the credit of such sinking fund shall besubject to the provisions of the resolution authorizing the issuance of suchbonds or of such trust agreement. Except as may otherwise be provided insuch resolution or such trust agreement, such sinking fund shall be a fundfor all such bonds without distinction or priority of one over another.
An authority created pursuant to this article is hereby authorized to fix,revise, and charge for the use of the service furnished by the project and tocontract with any unit or department of government at any level, includingcities, counties, towns, authorities, regional jail boards, and the state andfederal governments and their respective departments, commissions andagencies, desiring the use of any part thereof, and to fix the terms,conditions, rents, and rates of charges for such use. Such charges shall beso fixed and adjusted in respect to the aggregate of the charges from theproject as to provide a fund sufficient with other revenues, if any, to pay(i) the cost of maintaining, repairing, and operating such project and (ii)the principal of and interest on such bonds as the same shall become due andpayable and to create reserves for such purposes. The revenues derived fromthe project, except such part thereof as may be necessary to pay such cost ofmaintenance, repair, and operation and to provide such reserves therefor asmay be provided for in the resolution authorizing the issuance of such bondsor in the trust agreement securing the same, shall be set aside at suchregular intervals as may be provided in such resolution or such trustagreement in a sinking fund which is hereby pledged to, and charged with, thepayment of the principal of and the interest on such bonds as the same shallbecome due, and the redemption price or the purchase price of bonds retiredby call or purchase as therein provided. Such pledge shall be valid andbinding from the time when the pledge is made; the revenues or other moneysso pledged and thereafter received by the authority shall immediately besubject to the lien of such pledge without any physical delivery thereof orfurther act, and the lien of any such pledge shall be valid and binding asagainst all parties having claims of any kind in tort, contract or otherwiseagainst the authority, irrespective of whether such parties have noticethereof. Neither the resolution nor any trust agreement by which a pledge iscreated need be filed or recorded except in the records of the authority.The use and disposition of moneys to the credit of such sinking fund shall besubject to the provisions of the resolution authorizing the issuance of suchbonds or of such trust agreement. Except as may otherwise be provided insuch resolution or such trust agreement, such sinking fund shall be a fundfor all such bonds without distinction or priority of one over another.
An authority created pursuant to this article is hereby authorized to fix,revise, and charge for the use of the service furnished by the project and tocontract with any unit or department of government at any level, includingcities, counties, towns, authorities, regional jail boards, and the state andfederal governments and their respective departments, commissions andagencies, desiring the use of any part thereof, and to fix the terms,conditions, rents, and rates of charges for such use. Such charges shall beso fixed and adjusted in respect to the aggregate of the charges from theproject as to provide a fund sufficient with other revenues, if any, to pay(i) the cost of maintaining, repairing, and operating such project and (ii)the principal of and interest on such bonds as the same shall become due andpayable and to create reserves for such purposes. The revenues derived fromthe project, except such part thereof as may be necessary to pay such cost ofmaintenance, repair, and operation and to provide such reserves therefor asmay be provided for in the resolution authorizing the issuance of such bondsor in the trust agreement securing the same, shall be set aside at suchregular intervals as may be provided in such resolution or such trustagreement in a sinking fund which is hereby pledged to, and charged with, thepayment of the principal of and the interest on such bonds as the same shallbecome due, and the redemption price or the purchase price of bonds retiredby call or purchase as therein provided. Such pledge shall be valid andbinding from the time when the pledge is made; the revenues or other moneysso pledged and thereafter received by the authority shall immediately besubject to the lien of such pledge without any physical delivery thereof orfurther act, and the lien of any such pledge shall be valid and binding asagainst all parties having claims of any kind in tort, contract or otherwiseagainst the authority, irrespective of whether such parties have noticethereof. Neither the resolution nor any trust agreement by which a pledge iscreated need be filed or recorded except in the records of the authority.The use and disposition of moneys to the credit of such sinking fund shall besubject to the provisions of the resolution authorizing the issuance of suchbonds or of such trust agreement. Except as may otherwise be provided insuch resolution or such trust agreement, such sinking fund shall be a fundfor all such bonds without distinction or priority of one over another.
