Pledge of Revenues

The Board, with the approval of I Maga=lahen Guahan may provide that the bonds and the interest thereon and the costs incurred in the issuance or administration thereof shall be secured by all or any part of the revenues. Any pledge made to secure the bonds shall be valid and binding from the time the pledge is made. The revenues pledged and thereafter received by or on behalf of the University or by any trustee shall be deposited in a separate fund or account and shall be immediately subject to the lien of such pledge COL120106 CH. 17 THE UNIVERSITY OF GUAM REVENUE BOND A CT OF 1966 without any physical delivery thereof or further act, and the lien of such pledge shall be valid and binding against all parties having claims of any kind in tort, contract or otherwise against the University or such trustee, irrespective of whether the parties have notice thereof. The indenture by which such pledge is created need not be recorded. All such revenues, to the extent so pledged, are hereby continuously appropriated for such purpose.