Section 4-248 - Repayment; lien.
§ 4-248. Repayment; lien.
(a) Revenues to ensure repayment.-
(1) The interest rate or rates on and the terms of any loans and the revenues from the terms of any other assets that are financed from the proceeds of bonds or notes of the Administration, any fees that the Administration charges, and any other available revenues shall be at least sufficient to ensure repayment in full of the principal of and interest on the bonds or notes as and when due.
(2) Any pledge that the Administration makes is valid and binding from the time the pledge is made.
(b) Lien of pledge.- The lien of the pledge:
(1) immediately attaches, without any physical delivery or further act, to revenues or property so pledged and later received by the Administration; and
(2) is valid and binding against each person having a claim against the Administration whether or not:
(i) the person has notice of the lien of the pledge; or
(ii) the determination or any other instrument has been recorded or filed.
[An. Code 1957, art. 83B, § 2-206(m); 2005, ch. 26, § 2.]