New York § 407 Lien of bonds

New York Statutes

§ 407 — Lien of bonds

New York § 407

Law GMUGeneral Municipal

Art. 14-CRevenue-producing Undertakings

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Bluebook

N.Y. General Municipal § 407 (2026).

Text

  § 407. Lien of bonds. If bonds are issued to carry out any of the\npurposes of this article, bonds of the same issue shall, subject to the\nprior and superior rights of outstanding bonds, claims or obligations,\nhave a prior and paramount lien on the revenue of the undertaking for\nwhich said bonds have been issued over and ahead of all bonds of any\nissue payable from said revenue which may be subsequently issued and\nover and ahead of any claims or obligations against said revenue\nsubsequently incurred. All bonds of the same issue shall be equally and\nratably secured without priority by reason of number, date of bonds, of\nsale, of execution or of delivery, by a lien on said revenue in\naccordance with the provisions of this article and the resolution or\nresolutions authorizing said

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§ 407. Lien of bonds. If bonds are issued to carry out any of the\npurposes of this article, bonds of the same issue shall, subject to the\nprior and superior rights of outstanding bonds, claims or obligations,\nhave a prior and paramount lien on the revenue of the undertaking for\nwhich said bonds have been issued over and ahead of all bonds of any\nissue payable from said revenue which may be subsequently issued and\nover and ahead of any claims or obligations against said revenue\nsubsequently incurred. All bonds of the same issue shall be equally and\nratably secured without priority by reason of number, date of bonds, of\nsale, of execution or of delivery, by a lien on said revenue in\naccordance with the provisions of this article and the resolution or\nresolutions authorizing said bonds.\n