Powers of the Board; Incurring Indebtedness and Issuing

Bonds; Special Obligations and Not Indebtedness; Pledge, Lien, Priority and Trust Fund.

(a)The Board has power and is hereby authorized, in addition to all other powers conferred upon it by law to exercise any or all of the powers granted to the Board by this Chapter. The Board may incur indebtedness and issue bonds to represent same for the purposes of and within the limitations provided in this Chapter.

(b)All indebtedness incurred and bonds issued by the Board are special obligations of the Authority, and are secured by a pledge of and charge upon and shall be payable, as to the principal thereof, interest thereon, and any premiums upon the redemption of any thereof, solely from and secured by a lien upon the revenues and such other funds as are described in the indenture.

(c)The indenture may provide that the bonds are secured by a pledge upon the gross revenues or the net revenues, for the making of other funds available therefor, and for the priority of the bonds. Nothing herein or in an indenture shall prevent the issuance of bonds subordinate to the lien of other bonds specified in an indenture.

(d)The revenues and other funds provided in the indenture shall constitute a trust fund for the security and payment of the bonds and the interest and premiums thereon.