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 ordinance or resolution authorizing issuance of the obligations. Such pledged revenue may be invested by the city, or its designee, in the manner provided by the ordinance or 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. 632, passed 2-9-2016)