US Laws, Codes, Statutes & Cases

 
    §  608.  Loans  and  contributions by city to corporation. 1. The city
  shall have power to loan or contract to loan money to the corporation in
  such amounts, upon such terms and conditions  and  for  such  period  or
  periods  of  time  as  in  the  judgment  of  the  city are necessary or
  appropriate for the accomplishment  of  the  corporate  purpose  of  the
  corporation.
    2.  Subject to any prior pledge of or lien upon the revenues or moneys
  of the corporation, the city shall have a first lien upon such  revenues
  or moneys for the repayment of any such loan, which lien:
    a.  Shall  attach  upon  receipt  of  such  revenues  or moneys by the
  corporation, without any physical delivery thereof or further act, and
    b. Shall have priority over any  other  claim  or  lien  against  such
  revenues or moneys, and
    c.  Shall be valid and binding as against all parties having claims of
  any kind  in  tort,  contract  or  otherwise  against  the  corporation,
  irrespective of whether such parties have notice of such lien.
    3.  The  city shall have power to contribute or contract to contribute
  money or personal property to the corporation, in such amounts, for such
  period or periods of time and upon such terms and conditions as  in  the
  judgment   of   the   city,   are   necessary  or  appropriate  for  the
  accomplishment of the corporate purpose of the corporation.