Each municipality shall be permitted to pledge the amounts on deposit or to be deposited
in its account of the fund, as and when appropriated by the Legislature, to the holders
of any bonds issued by the municipality to finance the construction, acquisition,
or equipping of infrastructure projects as long as the lien of such pledge does not
attach until funds are actually deposited into the municipality's account, and in
no event shall such a pledge be construed as an obligation of the Legislature to appropriate
such funds. Any such pledge shall be valid and binding from the time when the pledge is made.
The money so pledged and thereafter received by the municipality or deposited into
its respective account shall immediately be subject to the lien of such pledge without
any physical delivery thereof or further act, and the lien of any such pledge shall
be valid and binding as against all parties having claims of any kind in tort, contract,
or otherwise against the municipality, irrespective of whether the parties have notice
thereof. Neither the resolution nor any other instrument by which a pledge is created need
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