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The pledged revenue received pursuant to the authority of this chapter shall be deemed to be trust funds, to be held and applied solely as provided in this chapter and in the resolution authorizing issuance of the obligations. The city, or its designee, may invest such pledged revenue in the manner provided by the resolution authorizing issuance of the obligations. The pledged revenue upon receipt thereof by the city shall be subject to the lien and pledge of the holders of any obligations or any entity other than the city providing credit enhancement on the obligations.
(Ord. 1166, passed 6-2-05)