Indiana Code Title 5. State and Local Administration § 5-1.2-4-12

Sec. 12. Any pledge made by the authority is valid and binding from the time when the pledge is made.  The revenue, money, or properties so pledged and received by the authority after the pledge is immediately subject to the lien of the pledge without any physical delivery or further act, and the lien of any pledge is valid and binding against all parties having claims of any kind in tort, contract, or otherwise against the authority, irrespective of whether the parties have notice.  The resolution or any other instrument by which a pledge is created does not need to be recorded.