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Any pledge of revenues or other moneys or assets as authorized by this title shall be valid and binding from the time such pledge is made. Revenues, moneys and assets so pledged and there-after received by the city shall immediately be subject to the lien of such pledge without any physical delivery 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. Neither the resolu-tion nor any indenture by which a pledge is created need be filed or recorded except in the records of the city.
('86 Code, § 8.03.050) (Ord. 3863, passed - - )