N.Y. General Municipal Law § 407: Lien of bonds

§ 407. Lien of bonds. If bonds are issued to carry out any of the

purposes of this article, bonds of the same issue shall, subject to the

prior and superior rights of outstanding bonds, claims or obligations,

have a prior and paramount lien on the revenue of the undertaking for

which said bonds have been issued over and ahead of all bonds of any

issue payable from said revenue which may be subsequently issued and

over and ahead of any claims or obligations against said revenue

subsequently incurred. All bonds of the same issue shall be equally and

ratably secured without priority by reason of number, date of bonds, of

sale, of execution or of delivery, by a lien on said revenue in

accordance with the provisions of this article and the resolution or

resolutions authorizing said bonds.