61-3-51 - Lien on revenues pledged to payment of bonds. - Mississippi Statutes

§ 61-3-51. Lien on revenues pledged to payment of bonds.
 

All revenues pledged to the payment of bonds shall be subject to a lien in favor of the holders of such bonds, and all such revenues received by the authority shall be immediately subject to such lien without any physical delivery thereof or further act by the authority. The lien shall be effective as against all parties asserting claims against the authority, whether by way of tort, contract or otherwise, whether or not such parties may have had notice of such lien. The pledge or trust agreement creating the same need not be filed or recorded except in the official minutes of the authority. The revenues may also be pledged as security for the payment of obligations due providers of credit enhancement with respect to any bonds issued. 
 

The state does hereby covenant with the holders of any such bonds that it will not, while any such bonds shall be outstanding, limit or diminish the right and power of the authority to establish, maintain and collect rates, fees, rentals and other charges pledged to the payment of such bonds, or to fulfill any covenants with respect to rates, fees, rentals and other charges made by the authority with such bondholders. 
 

Sources: Codes, 1942, § 7545-40; Laws,  1958, ch. 230, § 10; Laws, 1969, Ex. Sess. ch. 35, § 1; Laws, 1991, ch. 520, § 5, eff from and after passage (approved April 10, 1991).