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48 U.S.C. § 1574c — Priority for payment of principal and interest of revenue bonds or other obligations

submitted 50 years ago by Pub. L. 94-392 to r/title-48-TERRITORIES-AND-INSULAR-POSSESSIONS · 95 words · no verdicts yet

in plain englishAI-generated · not legal advice

Each covered bond issue has an equal lien on the cited revenues with other such issues. Guaranteed issues rank ahead of nonguaranteed issues according to issue date, and the revenues must be pledged to pay them.

Each issue of bonds or other obligations issued under subsection (a) of section 1574a of this title shall have a parity lien with every other issue of bonds or other obligations issued for payment of principal and interest out of revenues received under section 7652(b)(3) of title 26 , except that issues guaranteed under section 1574b of this title shall have priority, according to the date of issue, over issues not so guaranteed and the revenues received under section 7652(b)(3) of title 26 shall be pledged for the payment of such bonds or other obligations.
the actual law source: uscode.house.gov ↗public domain

Each issue of bonds or other obligations issued under subsection (a) of section 1574a of this title shall have a parity lien with every other issue of bonds or other obligations issued for payment of principal and interest out of revenues received under section 7652(b)(3) of title 26, except that issues guaranteed under section 1574b of this title shall have priority, according to the date of issue, over issues not so guaranteed and the revenues received under section 7652(b)(3) of title 26 shall be pledged for the payment of such bonds or other obligations.

Source credit: (Pub. L. 94–392, § 3, Aug. 19, 1976, 90 Stat. 1195; Pub. L. 105–83, title I, § 124(a), Nov. 14, 1997, 111 Stat. 1567.)

history & why it existsrecord from the source credit
  • 1976Enacted · Pub. L. 94-392 · 90 Stat. 1195
  • 1997Amended · Pub. L. 105-83 · 111 Stat. 1567

A history note hasn’t been published yet. The record shows enactment by Pub. L. 94-392 on 1976-08-19.

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