§ 32-14-118 — Pledge of sales tax revenues and net operating revenues

The
payment of special obligation bonds may be secured by the specific pledge of sales
tax revenues of the district, operating revenues of the district, or moneys or assets
of the district held in escrow as the board, in its discretion, may determine.
Operating revenues, sales tax revenues, or moneys or assets held in escrow
pledged for the payment of any special obligation bonds, as received by the district,
shall immediately be subject to the lien of such pledge, without any physical
delivery thereof, any filing, or further act, and the lien of such pledge and the
obligation to perform the contractual provisions made in the authorizing resolution
or other instrument relating thereto shall have priority over all other obligations and
liabilities of the district, except as may be otherwise provided in this article or in
such resolution or instrument, and subject to any prior pledges and liens previously
created. The lien of such pledge shall be valid and binding as against all persons
having claims of any kind in tort, contract, or otherwise against the district,
regardless of whether such persons have notice thereof.

Legislative History

Source: L. 89: Entire article added, p. 1337, � 1, effective June 2. L. 90: Entire section amended, p. 1523, � 11, effective April 16.