§504. Statutory lien
A.It is the intention of the legislature that bonds issued by a governmental entity
under this Part, or under any other statutory authority referenced herein, shall be secured debt
entitled to the highest possible protection and priority afforded by the bankruptcy laws of the
United States and this state. Therefore, the owner or owners of any such bonds are hereby
granted and shall have a statutory lien on and a security interest in such taxes, income,
revenues, net revenues, monies, payments, receipts, agreements, contract rights, funds, or
accounts as are pledged to the payment of such bonds, to the fullest extent and in the manner
stated in this Part and in the proceedings authorizing such bonds, and any pledge or grant of
a lien or security interest in such taxes,
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§504. Statutory lien
A. It is the intention of the legislature that bonds issued by a governmental entity
under this Part, or under any other statutory authority referenced herein, shall be secured debt
entitled to the highest possible protection and priority afforded by the bankruptcy laws of the
United States and this state. Therefore, the owner or owners of any such bonds are hereby
granted and shall have a statutory lien on and a security interest in such taxes, income,
revenues, net revenues, monies, payments, receipts, agreements, contract rights, funds, or
accounts as are pledged to the payment of such bonds, to the fullest extent and in the manner
stated in this Part and in the proceedings authorizing such bonds, and any pledge or grant of
a lien or security interest in such taxes, income, revenues, net revenues, monies, payments,
receipts, agreements, contract rights, funds, or accounts made by a governmental entity in
connection with the issuance of bonds shall be valid, binding, and perfected from the time
when the pledge or grant of lien or security interest is made. Such taxes, income, revenues,
net revenues, monies, payments, receipts, agreements, contract rights, funds, or accounts
shall immediately be subject to the lien of such pledge and security interest without any
physical delivery therefor or further act and the lien of such pledge and security interest shall
be first priority and valid and binding as against all parties having claims of any kind in tort,
contract, bankruptcy, or otherwise against the governmental entity, whether or not such
parties have notice thereof. The owner or owners of bonds shall be secured creditors with
respect to such taxes, income, revenues, net revenues, monies, payments, receipts,
agreements, contract rights, funds, or accounts, as the case may be.
B. Any bond issued under this Part or any other statutory authority referenced herein
may contain a recital that refers to the statutory lien created by this Section and describes the
taxes, income, revenues, net revenues, monies, payments, receipts, agreements, contract
rights, funds, or accounts to which such statutory lien applies; however, the failure to include
the aforesaid recital shall not affect the validity or efficacy of the statutory lien granted by
this Section and by the proceeds authorizing such bonds.
C. No notice, filing, or other proceedings under Chapter 9 of the Louisiana
Commercial Laws, R.S. 10:9-101 et seq., or any other provision of law for the perfection or
priority of such pledge and security interest shall be necessary to perfect the statutory lien
granted by this Section and by the proceedings authorizing such bonds.
D. The statutory lien shall also apply to and secure any administrative fees owed to
the Clean Water State Revolving Fund or the Drinking Water Revolving Loan Fund, in
connection with bonds that evidence an obligation to repay a loan from one of said revolving
funds.