Section 162-S:7 - Bond SecurityI. The authority may secure bonds by a trust agreement or indenture or other agreement by and between the authority and one or more corporate trustees. Such trust agreement, indenture, or other agreement may contain provisions for pledging properties, revenues, and other collateral; holding and disbursing funds; protecting and enforcing the rights and remedies of bondholders; restricting individual rights of action by bondholders; and amendments, and any other provisions the authority determines to be reasonable and proper for the security of holders of bonds issued under this chapter or contracts entered into under this paragraph in connection with the bonds.II. A pledge of property, revenues, or other collateral by the authority to secure the payment of the principal or redemption price of, or interest on, any bonds, or any reimbursement or similar agreement with any provider of credit enhancement for bonds, or any swap or other agreement entered into in connection with bonds, is binding on the parties and on any successors. The collateral shall immediately be subject to the pledge, and the pledge shall constitute a lien and security interest which shall attach immediately to the collateral and be effective, binding, and enforceable against the pledgor, its successors, purchasers of the collateral, creditors, and all others, to the extent set forth, and in accordance with, the pledge document, irrespective of whether those parties have notice of the pledge and without the need for any physical delivery, recordation, filing, or further act.Added by 2018, 331:1, eff. 6/25/2018. 2018, 331:1, eff. June 25, 2018.