(20 ILCS 3510/6)
(from Ch. 111 1/2, par. 8106)
Pledges by Authority.
Any pledge of revenues, securities,
funds, or other assets made by the Authority to secure payment of bonds
issued under this Act shall be valid and binding and immediately
effective from the time the pledge is made.
Revenues, securities, funds, or other assets so pledged shall be held in
the custody of either the Treasurer or a trustee or a depository (or any
agent thereof) appointed by the Authority. Revenue,
securities, funds, or other assets so pledged and thereafter received by the
Authority or its designated depository shall immediately be subject to the
lien of the pledge without any physical delivery thereof or other further
act. The lien of any pledge shall be valid and binding as against, and
superior to any claims of, all parties having claims of any kind in tort,
contract, or otherwise against the Authority or any other person,
irrespective of whether the parties have notice thereof. Neither the
resolution nor any other instrument by which a pledge is created, nor any
notice thereof or memorandum with respect thereto, need be filed or
recorded except in the records of the Authority.
(Source: P.A. 86-976.)