05-16-83 Meeting of the La Porte Area Water Authority Board Minutes

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1 to issue additional bonds or notes which will be on a parity with 2 or subordinate to the bonds or notes then being issued. 3 (2) A pledge or security instrument made by the authority is 4 val id and bind ing from the time when it is made. The revenues, 5 receipts or assets so pledged and entrusted and thereafter received 6 by the authori ty shall immediately be subject to the lien of the 7 pledge or security instrument without any physical delivery or further 8 act. The lien of the pledge or security instrument is valid and 9 binding against all parties having claims of any kind in tort, con- 10 tract or otherwise against the authority, irrespective of whether 11 the parties have notice of it. Neither the resolution nor any security 12 instrument or other instrument by which a pledge or security interest 13 is created need be recorded or filed, and compl iance with any pro- 14 vision of any other law is not required in order to perfect the 15 pledge or other security interest. 16 E. A resolution authorizing bonds or notes or a trust indenture 17 securing bonds or notes may contain provisions, which shall be a part 18 of the agreement with the holders, as to: 19 (1) pledging all or any designated part of the revenues and 20 receipts of the authority, received or to be received from the plan- 21 ning, financing, ownership or operation of, leasing, or otherwise 22 in connection with, any specified facilities or assets to secure the 23 payment of the bonds or notes; 24 (2) pledging all or any part of assets of the authority, includ- 25 ing any obligation acquired by the authority, to secure the payment 26 of the bonds or notes; 27 (3) the use and disposition of rentals, rates, fees and other 18