2016 New York Laws
GMU - General Municipal
Article 14-C - (General Municipal) REVENUE-PRODUCING UNDERTAKINGS
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.