Vermont § 435 - Same—pledge of revenues

§ 435. Same—pledge of revenues

• (a) Any pledge hereunder shall be valid and binding and shall be deemed continuously perfected
  for the purposes of the Uniform Commercial Code from the time when the pledge is made;
  unless otherwise provided in the resolution making the pledge, the pledge of revenues
  shall include any contract or other rights to receive the same, whether then existing
  or thereafter coming into existence and whether then held or thereafter acquired by
  the City, and the proceeds thereof; the revenues, rights, and proceeds so pledged
  and then held or thereafter acquired by the City shall immediately be subject to the
  lien of such pledge without any physical delivery or segregation 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 City, irrespective
  of whether such parties have notice thereof. The resolution by which a pledge is made
  need not be filed or recorded except in the records of the proceedings of the Board
  of Light Commissioners and no filing need be made under the Uniform Commercial Code. (b) A resolution pledging revenues hereunder may provide for priorities among payments
  to be made from such revenues, whether required by statute, the City charter, such
  resolution, or otherwise. The pledge may include revenues otherwise accruing to particular
  funds established by statute or the City charter. In the event bonds are issued junior
  and subordinate to other bonds, revenues remaining from time to time that are permitted
  by the terms of the senior bonds to be used to pay or secure the junior bonds may
  be pledged for that purpose by the resolution under which the junior bonds are issued.
  A pledge of revenues under this article shall constitute a sufficient appropriation
  thereof for the purposes of any provision for appropriation and such revenues may
  be applied as required by the pledge without further appropriation.