§ 33-2-192 — Docks Facilities Revenue Bonds and Refunding Bonds - Pledge

Alabama § 33-2-192

• Jurisdiction: Alabama
• Title 33: Navigation and Watercourses
• Ch. 2: Development of Docks and Other Facilities Along Inland Waterways
• Art. 7: Acquisition, Construction, Financing, and Improvement of State Docks Facilities

Text

All moneys hereby pledged shall constitute a sinking fund for the purpose of paying the principal of, premium, if any, and the interest on the docks facilities revenue bonds and refunding bonds. As security for the payment of the principal of, premium, if any, and interest on the docks facilities revenue bonds and the refunding bonds issued under this article, the department is authorized to pledge the proceeds of the pledge herein provided for, including moneys on deposit in any interest account or reserve account herein authorized to be created and the interest income from the investment of moneys on deposit in such interest account or reserve account, and the docks facilities construction and acquisition account.
Any pledge made pursuant to this section shall be valid and binding from the time the pledge is made. The income or revenue so pledged shall immediately be subject to the lien of the pledge without any physical delivery thereof or further act, and the lien of any pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the state or the department, irrespective of whether such parties have notice thereof. Neither the order nor any other instrument by which a pledge is created need be filed or recorded, except in the records of the department.

Legislative History

(Acts 1984, No. 84-412, p. 963, §13.)