71-5320. Pledge; effect.
Any pledge of the Drinking Water Facilities Loan Fund or the Land Acquisition and Source Water Loan Fund or any part thereof or any pledge of the assets of such funds made by the department as authorized by the council shall be valid and binding from the time the pledge is made. The revenue, money, or assets so pledged and received by such funds shall immediately be subject to a lien of such pledge without any physical delivery thereof or further act, and the lien shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against such funds or the assets thereof, regardless of whether the parties have notice of the lien. Neither the action by the council, the pledge agreement executed by the department, nor any other instrument by which a pledge is created need be recorded.
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