§10-29 Bonds.
217 words·~1 min read·
/hi/chapter-10/10-29A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§10-29 Bonds. The resolution or resolutions authorizing the issuance of revenue bonds may pledge to the payment thereof all or any part of the revenue of an office project or projects, of a loan program or programs, or of the office, and the pledge shall constitute a lien on the revenue of such project or projects, of such loan program or programs, or of the office to the extent and in the manner in the resolution or resolutions provided prior and paramount to any claim or other obligation of any nature against the revenue so pledged subsequently arising or subsequently incurred.
The board may provide in the resolution or resolutions that all revenue bonds of the same issue shall be equally and ratably secured without priority by reason of number, date, or maturity of the bonds, date of sale, execution, or delivery thereof. Any pledge of revenues contained in any resolution or resolutions adopted under this part shall be valid and binding from and after the adoption of the resolution or resolutions without physical delivery of the revenues therein pledged or the necessity of any further action by the State or the board, or any officer or agent of either the State or board. [L 1994, c 283, pt of §2(2); am L 2013, c 171, §9]