Revenues; Pledges of Revenues

(a)The Board is hereby authorized to fix and to collect fees, rents and charges for the use of any hospital facilities, and any part or section thereof, and to contract with any public or nonprofit agency for the use thereof. The Board may require that the lessee or users of any hospital facilities or any part thereof shall operate, repair and maintain such facilities and shall bear the cost thereof and other costs of the Board including any appropriate service charges, in connection therewith, as may be provided in the agreement of lease or other contract with the Board, in addition to other obligations imposed under such agreement or contract.

(b)The fees, rents and charges shall be fixed so as to provide a fund sufficient, with such other funds as may be made available therefor,

(i)to pay the costs of operating, repairing and maintaining the hospital facilities, to the extent that adequate provision for the payment of such costs has not otherwise been provided for,

(ii)to pay the principal of and the interest on all the bonds as the same shall become due and payable, and

(iii)to create and maintain any reserves provided for in the indenture authorizing and securing the issuance of such bonds; provided, however, that nothing herein shall prohibit the application of fees, rents and charges to the payment of debt service on the bonds prior to the payment of the costs of operating, repairing and maintaining the hospital facilities.

(c)All pledges of fees, rents, charges and other revenues under the provisions of this Chapter shall be valid and binding from the time when such pledges are made. All such revenues so pledged and thereafter received by the Board 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 Board, COL120106 CH. 68 HOSPITAL FACILITIES FINANCE ACT irrespective of whether such parties have notice thereof. The indenture by which a pledge is created or any lease need not be filed or recorded except in the records of the Board.