§ 35-8.1-18 - Revenues.
SECTION 35-8.1-18
§ 35-8.1-18 Revenues. – The authority has the power to fix and collect from time to time, subject tothe provisions of this chapter, schedules for the repayment of any loan to thestate in order to generate revenues. The schedules for repayment shall not besubject to supervision or regulation by any commission, board, bureau, oragency of the state or of any municipality or other political subdivision ofthe state. The revenues derived from loan repayments may be pledged as providedin any loan and trust agreement or resolution of the authority. The pledgeshall be valid and binding from the time when the pledge is made. The revenuesso pledged and thereafter received by the authority shall immediately besubject to the lien of the pledge without physical delivery thereof or furtheract, and the lien of the pledge shall be valid and binding as against allparties having claims of any kind in tort, contract, or otherwise against theauthority, irrespective of whether the parties have notice thereof. Neither theresolution nor any loan and trust agreement by which a pledge is created needbe filed or recorded except in the records of the authority. The use anddisposition of revenues shall be subject to the provisions of the resolutionauthorizing the issuance of the bonds or the loan and trust agreement.