Idaho State Statutes - Idaho Attorney Directory

(1) The
revenues, fees, rents, charges, taxes or other property pledged by a
governmental unit for the purpose of securing its bonds, which pledge is
hereby authorized, are immediately subject to the lien of the pledge, and the
lien shall be a perfected lien upon the effective date of the security
agreement. No physical delivery of any security agreement or any other act is
required. Neither the security agreement nor a financing statement need be
filed or recorded under the uniform commercial code or otherwise. The lien of
any pledge is valid, binding, perfected and enforceable from the time the
pledge is made. The lien of the pledge shall have priority based on the time
of the creation of the pledge unless otherwise provided in the security
agreement. The lien of the pledge shall have priority as against all parties
having claims of any kind in tort, contract, or otherwise against the
governing body, irrespective of whether the parties have notice of the lien.
Each pledge and security agreement made for the benefit or security of any of
the bonds shall continue to be effective until the principal, interest, and
premium, if any, on the bonds have been fully paid or provision for payment
has been made, or until the lien created by the security agreement has been
released by agreement of the parties in interest or as provided by the
security agreement that created the lien.
(2) As used in this section:
(a) "Bonds" means any bond, note, lease or other obligation of a
governmental unit;
(b) "Governmental unit" has the meaning assigned in section 28-9-102,
Idaho Code;
(c) "Pledge" means the creation of a security interest of any kind;
(d) "Property" means any property or interests therein, other than real
property; and
(e) "Security agreement" means any resolution, ordinance, indenture,
document, or other agreement or instrument under which the revenues, fees,
rents, charges, taxes or other property are pledged to secure the bonds.
(3) This section expressly governs the creation, perfection, priority and
enforcement of a security interest created by the state or a governmental unit
of the state, notwithstanding any provisions in chapter 9, title 28, Idaho
Code, to the contrary.

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