(1) Except as otherwise provided in the resolution authorizing the bonds, all bonds of the same issue under this part 3 shall have a prior and paramount lien on the net revenues of the additional facilities acquired or provided pursuant to this part 3 for which the bonds have been issued and contributions from nonstate sources for such facilities. The board may provide for preferential security for any bonds, both principal and interest, to be issued under this part 3 to the extent deemed feasible and desirable by such board over any bonds that may be issued thereafter.
(2) Bonds of the same issue or series issued under this part 3 shall be equally and ratably secured, without priority by reason of number, date, sale, execution, or delivery, by a lien on the net revenue pledged in accordance with the terms of the resolution authorizing the bonds.
Source: L. 75: Entire part added, p. 1355, § 1, effective July 14. L. 83: (1) amended, p. 1372, § 12, effective June 2. L. 89: (1) amended, p. 1414, § 8, effective July 1. L. 97: (1) amended, p. 819, § 11, effective June 30.