General Municipal Law 407 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 404 Authorization of undertaking up ARTICLE 14-C Revenue-producing Undertakings next SECTION 410 Undertakings to be self-supporting Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 407 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.