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This entry was published on 2014-09-22
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Lien of bonds
General Municipal (GMU) CHAPTER 24, ARTICLE 14-C
§ 407. Lien of bonds. If bonds are issued to carry out any of the
purposes of this article, bonds of the same issue shall, subject to the
prior and superior rights of outstanding bonds, claims or obligations,
have a prior and paramount lien on the revenue of the undertaking for
which said bonds have been issued over and ahead of all bonds of any
issue payable from said revenue which may be subsequently issued and
over and ahead of any claims or obligations against said revenue
subsequently incurred. All bonds of the same issue shall be equally and
ratably secured without priority by reason of number, date of bonds, of
sale, of execution or of delivery, by a lien on said revenue in
accordance with the provisions of this article and the resolution or
resolutions authorizing said bonds.