§306-7 Bonds. The resolution or resolutions authorizing the issuance of revenue bonds may pledge to the payment thereof all or any part of the revenue of a university project or projects or university system or systems, and the pledge shall constitute a lien on the revenue of such project or projects or system or systems to the extent and in the manner in the resolution or resolutions provided prior and paramount to any claim or other obligation of any nature against the revenue so pledged subsequently arising or subsequently incurred. The board of regents may provide in the resolution or resolutions that all revenue bonds of the same issue shall be equally and ratably secured without priority by reason of number, date, or maturity of the bonds, date of sale, execution, or delivery thereof. Any pledge of revenues contained in any resolution or resolutions adopted under this chapter shall be valid and binding from and after the adoption of the resolution or resolutions without physical delivery of the revenues therein pledged or the necessity of any further action by the State or the board, or any officer or agent of either the State or board. [L 1947, c 141, pt of §1; RL 1955, §44-67; am L 1959, c 190, §3; am L Sp 1959 1st, c 20, §§1, 2(g); HRS §306-7; am L 1971, c 141, §1(g)]