§ 8-6-809 — Pledge of rates, fees, and charges

(a) If the regional solid waste management board pledges rates, fees, and charges, then for as long as any bonds are outstanding and unpaid, the rates, fees, and charges shall be so fixed by the regional solid waste management district as to provide revenues sufficient: (1) To pay all costs of and charges and expenses in connection with the proper operation and maintenance of its projects, and all necessary repairs, replacements, or renewals thereof; (2) To pay when due the principal of, premium, if any, and interest on all bonds, including bonds subsequently issued for additional projects, payable from the revenues; (3) To create and maintain reserves as may be required by any resolution or trust indenture authorizing or securing bonds; and (4) To pay any and all amounts which the district may be obligated to pay from project revenues by law or contract. (b) (1) Any pledge made by a district pursuant to this subchapter shall be valid and binding from the date the pledge is made. (2) (A) The revenues so pledged and then held or thereafter received by the district or any fiduciary on its behalf shall immediately be subject to the lien of the pledge without any physical delivery thereof or further act. (B) The lien of the pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the district without regard to whether such parties have notice thereof. (c) The resolution, trust indenture, or other instrument by which a pledge is created need not be filed or recorded in any manner.

Legislative History

Acts 1991, No. 752, § 4.