12A.8 - BONDS SECURED BY AUTHORIZING DOCUMENTS.
12A.8 BONDS SECURED BY AUTHORIZING DOCUMENTS.
The authorizing documents may pledge or assign the revenue to be
received for payment of the bonds or the proceeds of any contract
pledged. A pledge or assignment made by the issuer pursuant to this
chapter is valid and binding from the time that the pledge or
assignment is made, and the revenue pledged and thereafter received
by the issuer is immediately subject to the lien of the pledge or
assignment without physical delivery or any further act. The lien of
the pledge or assignment is valid and binding against all parties
having claims of any kind in tort, contract, or otherwise against the
issuer irrespective of whether the parties have notice of the lien.
The authorizing documents may contain other provisions the issuer
deems reasonable and proper for the security of the bond holders. Section History: Recent Form
2007 Acts, ch 133, §8; 2008 Acts, ch 1065, §8