§ 13-1119. Pledge of revenues as security for issue of bonds

   (a) Valid and binding when documents executed. -- A pledge by the Authority of revenues as security for an issue of bonds shall be valid and binding on and after the date when the documents evidencing the pledge are executed by the Authority.

(b) Immediately subject to lien. --

   (1) The revenues that the Authority pledges may be made immediately subject to the lien of the pledge without any physical delivery or further act.

   (2) The lien of any pledge of revenue is valid and binding against any person who has any claim in tort, contract, or otherwise against the Authority, whether or not the person has notice.

(c) Perfection of lien. -- In order to perfect the lien on the revenue pledged by the Authority against third persons, a resolution, trust agreement or financing statement, continuation statement, or other instrument that the Authority adopts or enters into need not be filed or recorded in any public record other than the records of the Authority.

HISTORY: 1996, ch. 601, § 1.