§ 8-4.305. Pledge of Revenues, Money or Property; Lien.
Latest version.
Any pledge of revenues or other moneys or assets pursuant to the provisions of this
chapter shall be valid and binding from the time such pledge is made. Revenues, moneys
and assets so pledged and thereafter received by the City shall immediately be subject
to the lien of such pledge without any physical delivery thereof or further act, and
the lien of any such pledge shall be valid and binding as against all parties having
claims of any kind in tort, contract, or otherwise against the City, irrespective
of whether such parties have notice thereof. Neither the resolution nor any indenture
by which a pledge is created need be filed or recorded except in the records of the
City.
(Added by Ord. 2552-C.S., § 1, effective 11-19-87)
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