§ 8147 — Pledge of revenues

Pennsylvania § 8147

• Jurisdiction: Pennsylvania
• Title 53: MUNICIPALITIES GENERALLY
• Part: PART VII
• Ch. 81: INCURRING DEBT AND ISSUING BONDS AND NOTES
• Subch.: PROVISIONS OF BONDS AND NOTES

Text

The governing body of any local government unit which has determined to issue any revenue bonds or notes or any guaranteed revenue bonds or notes may provide by ordinance for such pledges of or priorities in such rentals, revenues, receipts, rates and charges to be received from projects of the issuing local government unit as may be desirable. The pledge or priority shall be perfected as a security interest against all creditors of the local government unit and all third parties, in accordance with the terms of the ordinance, from and after the filing of a financing statement or statements in accordance with Title 13 (relating to commercial code). For the purpose of filing, the sinking fund depository may act as representative of the bond or note holders and, in that capacity, execute and file the financing statement and any continuation or termination statements as secured party.

Legislative History

Cross References.Section 8147 is referred to in sections 8103, 8105, 8282 of this title.