District of Columbia Code Division I. Government of District. § 1-204.67. Authority to create security interests in District revenues.

(a) In general. -- An act of the Council authorizing the issuance of general obligation bonds or notes under § 1-204.61(a), § 1-204.71(a), § 1-204.72(a), or § 1-204.75(a) may create a security interest in any District revenues as additional security for the payment of the bonds or notes authorized by such act.

(b) Contents of acts. -- Any such act creating a security interest in District revenues may contain provisions (which may be part of the contract with the holders of such bonds or notes):

(c) Timing and perfection of security interests. -- Notwithstanding article 9 of title 28 of the District of Columbia Code, any security interest in District revenues created under subsection (a) of this section shall be valid, binding, and perfected from the time such security interest is created, with or without the physical delivery of any funds or any other property and with or without any further action. Such security interest shall be valid, binding, and perfected whether or not any statement, document, or instrument relating to such security interest is recorded or filed. The lien created by such security interest is valid, binding, and perfected with respect to any individual or legal entity having claims against the District, whether or not such individual or legal entity has notice of such lien.

(d) Obligations and expenditures not subject to appropriation. -- Section 1-204.46(c) shall not apply to any obligation or expenditure of any District revenues to secure any general obligation bond or note under subsection (a) of this section.