TITLE 35
Public Finance

CHAPTER 35-8.1
Refunding Bond Authority

SECTION 35-8.1-18


§ 35-8.1-18 Revenues.

The authority has the power to fix and collect from time to time, subject to the provisions of this chapter, schedules for the repayment of any loan to the state in order to generate revenues. The schedules for repayment shall not be subject to supervision or regulation by any commission, board, bureau, or agency of the state or of any municipality or other political subdivision of the state. The revenues derived from loan repayments may be pledged as provided in any loan and trust agreement or resolution of the authority. The pledge shall be valid and binding from the time when the pledge is made. The revenues so pledged and thereafter received by the authority shall immediately be subject to the lien of the pledge without physical delivery thereof or further act, and the lien of the pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the authority, irrespective of whether the parties have notice thereof. Neither the resolution nor any loan and trust agreement by which a pledge is created need be filed or recorded except in the records of the authority. The use and disposition of revenues shall be subject to the provisions of the resolution authorizing the issuance of the bonds or the loan and trust agreement.

History of Section.
(P.L. 1987, ch. 12, § 1.)