(a)This section applies notwithstanding any
other law.
(b)A pledge of revenues, other money, or property made by the
corporation to secure the repayment of its bonds or leases entered into
with the building authority, regardless of when the pledge was made,
is binding from the time the pledge is, or was, made. The pledge, as of
the date the pledge is or was made, creates a statutory lien upon these
revenues, other money, or property of the corporation so pledged at the
time the pledge is, or was, made. Revenues, other money, or property
pledged and then received by the corporation, or which after the pledge
may be held, possessed, maintained or controlled by, or otherwise in
the custody of:
(1)any other political subdivision of the state; or
(2)any department, agency, or instrumentalit
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(a) This section applies notwithstanding any
other law.
(b) A pledge of revenues, other money, or property made by the
corporation to secure the repayment of its bonds or leases entered into
with the building authority, regardless of when the pledge was made,
is binding from the time the pledge is, or was, made. The pledge, as of
the date the pledge is or was made, creates a statutory lien upon these
revenues, other money, or property of the corporation so pledged at the
time the pledge is, or was, made. Revenues, other money, or property
pledged and then received by the corporation, or which after the pledge
may be held, possessed, maintained or controlled by, or otherwise in
the custody of:
(1) any other political subdivision of the state; or
(2) any department, agency, or instrumentality of a political
subdivision of the state;
under any other law, are immediately subject to the statutory lien of the
pledge, with the statutory lien immediately and automatically attaching
to the revenues, other money, or property pledged, without any further
act. The statutory lien of a pledge is binding against all parties having
claims of any kind in tort, contract, or otherwise, against the
corporation, regardless of whether the parties have notice of any lien.
No resolution, ordinance, indenture, or other instrument by which a
pledge is created needs to be filed or recorded except in the records of
the corporation.
(c) To the extent that the corporation has pledged any revenues,
other money, or property to secure the repayment of its bonds or leases
entered into with the building authority, the following apply:
(1) The revenues, other money, or property so pledged and then
received by the corporation, or which after the pledge, may be
held, possessed, maintained or controlled by, or otherwise in the
custody of:
(A) any other political subdivision of the state; or
(B) any department, agency, or instrumentality of a political
subdivision of the state;
under any other law, up to an amount necessary to pay debt
service on or to maintain a reserve fund or any required coverage
ratio in any calendar year or bond year with respect to such an
obligation, shall be used for the repayment of the obligation and
for no other purpose until the obligation for that calendar year or
bond year is fully paid in accordance with its terms.
(2) The corporation is prohibited from consenting to or
permitting, and shall never be construed as consenting to or
permitting, without the consent of one hundred percent (100%) of
the owners of all its bonds then outstanding and those bonds then
outstanding that are secured by the leases entered into with the
building authority, the use of the pledged revenues for any
purpose, except as described in subdivision (1).
(3) The revenues, other money, or property, which after the
pledge, may be held, possessed, maintained or controlled by, or
otherwise in the custody of:
(A) any other political subdivision of the state; or
(B) any department, agency, or instrumentality of a political
subdivision of the state;
under any other law, and that would otherwise be available for
distribution to the corporation, are automatically subject to a
statutory lien for purposes of section 58 of this chapter.
(4) The corporation has no legal or equitable right to any of these
revenues, other money, or property, which after the pledge may be
held, possessed, maintained or controlled by, or otherwise in the
custody of any other political subdivision of the state, or any
department, agency, or instrumentality of a political subdivision
of the state under any other law, and that would otherwise be
available for distribution to the corporation, until:
(A) any reduction permitted under section 58 of this chapter has
been applied; and
(B) the revenues, other money, or property have been or are
required to be distributed to and received by the corporation.
(5) The corporation is prohibited from consenting to or
permitting, and shall never be construed as consenting to or
permitting, the use of any of the revenues, other money, or
property that is reduced pursuant to section 58 of this chapter for
any other purpose, other than the purposes described in section 58
of this chapter.