(a) Notwithstanding any provision of any other law, including the Uniform Commercial Code:
(1) Any pledge or assignment of revenues of any kind, funds, loan agreements, local governmental obligations, obligations of private water companies, property, or assets made pursuant to the provisions of this chapter by the agency, any local governmental unit, or any privately organized water supplier hereunder, shall be valid and binding against all parties having claims of any kind in tort, contract, or otherwise, whether or not the parties have notice thereof, and shall be deemed continuously perfected from the time it is made;
(2) No filing of any kind with respect to a pledge or assignment need be made under the Uniform Commercial Code, or otherwise;
(3) Unless otherwise provided in the loan agreement, a pledge of revenues of any kind shall be deemed to include a pledge of any accounts or general intangibles from which the pledged revenues are derived, whether existing at the time of the pledge or thereafter coming into existence, and whether held at the time of the pledge or thereafter acquired by the agency, local governmental unit or privately organized water supplier, and the proceeds of the accounts or general intangibles; and
(4) The pledge of revenues of any kind, accounts, and general intangibles shall be subject to the lien of the pledge without delivery or segregation, and the lien of the pledge shall be valid and binding against all parties having claims of contract or tort or otherwise against the agency or local governmental unit.
(b) A pledge of revenues of any kind under this chapter shall constitute a sufficient appropriation thereof for the purposes of any provision for appropriation, and the revenues may be applied as required by the pledge without further appropriation.
(c) For the purposes of this section the word "pledge" shall be construed to include the grant of a security interest under the Uniform Commercial Code.
History of Section.
P.L. 1993, ch. 313, § 1; P.L. 1993, ch. 396, § 1.