N.Y. GMU Law § 407
This is the official text of N.Y. GMU Law § 407, part of New York’s GMU Law — part of the compiled statutory law of New York, published by the state as "GMU Law." Browse the sections below, each linked to its official government source.
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Lien of bonds
Official statutory text
§ 407. Lien of bonds. If bonds are issued to carry out any of the\npurposes of this article, bonds of the same issue shall, subject to the\nprior and superior rights of outstanding bonds, claims or obligations,\nhave a prior and paramount lien on the revenue of the undertaking for\nwhich said bonds have been issued over and ahead of all bonds of any\nissue payable from said revenue which may be subsequently issued and\nover and ahead of any claims or obligations against said revenue\nsubsequently incurred. All bonds of the same issue shall be equally and\nratably secured without priority by reason of number, date of bonds, of\nsale, of execution or of delivery, by a lien on said revenue in\naccordance with the provisions of this article and the resolution or\nresolutions authorizing said bonds.\n
Status: in_force · Read it on the official government site
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