(a) The real property tax increment revenues and the gross receipts tax increment revenues that are declared to be dedicated pursuant to this chapter to the payment of debt service on TIF bonds, the provision and maintenance of reserves, and the payment of development costs constitute increment revenues as defined in section 1202 of this chapter.
(b) The PFA may issue TIF bonds to finance development costs of eligible projects approved pursuant to this chapter. TIF bonds may be issued to refund other TIF bonds issued pursuant to this chapter. TIF bonds may not be issued in an amount exceeding the total costs of implementing the tax increment financing plan for which they were issued.
(c) The PFA may execute such financing documents as may be necessary or appropriate for the issuance, security, and administration of TIF bonds, investment of proceeds and moneys in the accounts provided for in, or pursuant to this chapter, and the application of the proceeds of the TIF bonds and the moneys and investments in such accounts, and for the purposes set forth in Section 1204 of this chapter, including financing documents with development sponsors.
(d) To secure the full timely payment of Hotel Development Notes issued under this chapter in accordance with their respective terms, all such Hotel Development Notes must be secured by a statutory lien on all Designated Hotel Room Tax and Designated Casino Taxes on Gross Revenue that have been pledged as security therefor. The lien rises solely by force of this chapter specifically upon the issuance of any Hotel Development Notes issued after the effective date of this subsection and automatically attaches without further action or authorization by the Government, the Note Issuer or the PFA. The Lien is valid and binding from the time the Designated Hotel Room Occupancy Tax and Designated Casino Taxes on Gross Revenue are received by or for the account of the Government, and the lien immediately attaches to such Designated Hotel Occupancy Tax and Designated Casino Taxes and are effective, binding, and enforceable against the Government or the PFA, as applicable, their respective successors, transferees, or creditors, and all others asserting rights therein, irrespective of whether those parties have notice of the lien and without the need for any physical delivery, recordation, filing, or further act.
(e) The Government shall covenant and agree for the benefit of the holders of the Hotel Development Notes outstanding from time to time that for so long as any Hotel Development Notes remain unpaid, the Government shall defend, preserve and protect such statutory lien against all claims and demands of third parties, and not revoke, terminate or amend such statutory lien in any way that materially adversely affects the rights of any holder of Hotel Development Notes.