§ 14-303-404 - Pledge of revenues to pay off bonds.
14-303-404. Pledge of revenues to pay off bonds.
(a) The pledge of tollway project revenues to the payment of the principal of and interest on the revenue bonds shall be valid and binding from the time the pledge is made.
(b) The tollway project revenues so pledged shall immediately be subject to the lien of the pledge without any physical delivery thereof or further act.
(c) The lien of the pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against an authority, irrespective of whether the parties have notice thereof.
(d) Neither the resolution of an authority, nor any trust indenture by which a pledge is created, need be filed or recorded in any office or other place except in the records of the authority involved, and in the office of the circuit clerk and ex officio recorder of the county in which the city involved is located.