MARVIN MANDEL, Governor                                 1059

13.14.     BONDS ELIGIBLE FOR INVESTMENT AND
DEPOSIT. —BONDS ISSUED UNDER THE PROVISIONS OF THIS
COMPACT ARE HEREBY MADE SECURITIES IN WHICH ALL PUBLIC
OFFICERS AND GOVERNMENTAL AGENCIES OF THE SIGNATORIES
AND ALL BANKS, TRUST COMPANIES, SAVINGS AND LOAN
ASSOCIATIONS, INVESTMENT COMPANIES AND OTHERS CARRYING
ON A BANKING BUSINESS, ALL INSURANCE COMPANIES AND
INSURANCE ASSOCIATIONS AND OTHERS CARRYING ON AN
INSURANCE BUSINESS, ALL ADMINISTRATORS, EXECUTORS,
GUARDIANS, TRUSTEES AND OTHER FIDUCIARIES, AND ALL
OTHER PERSONS MAY LEGALLY AND PROPERLY INVEST FUNDS,
INCLUDING CAPITAL IN THEIR CONTROL OR BELONGING TO
THEM. SUCH BONDS ARE HEREBY MADE SECURITIES WHICH
MAY PROPERLY AND LEGALLY BE DEPOSITED WITH AND
RECEIVED BY AN OFFICER OF ANY GOVERNMENTAL AGENCY FOR
ANY PURPOSE FOR WHICH THE DEPOSIT OF BONDS OR OTHER
OBLIGATIONS OF SUCH SIGNATORY IS NOW OR MAY HEREAFTER
BE AUTHORIZED BY LAW.

13.15.    VALIDATION PROCEEDINGS. —PRIOR TO THE
ISSUANCE OF ANY BONDS, THE COMMISSION MAY INSTITUTE A
SPECIAL PROCEEDING TO DETERMINE THE LEGALITY OF
PROCEEDINGS TO ISSUE THE BONDS AND THEIR VALIDITY
UNDER THE LAWS OF ANY OF THE SIGNATORIES. SUCH
PROCEEDINGS SHALL BE INSTITUTED AND PROSECUTED IN REM,
AND THE FINAL JUDGMENT RENDERED THEREIN SHALL BE
CONCLUSIVE AGAINST ALL PERSONS WHOMSOEVER AND AGAINST
EACH OF THE SIGNATORIES.

13.16.     RECORDING. —NO INDENTURE NEED BE
RECORDED OR FILED IN ANY PUBLIC OFFICE, OTHER THAN THE
OFFICE OF THE COMMISSION. THE PLEDGE OF REVENUES
PROVIDED IN ANY INDENTURE SHALL TAKE EFFECT FORTHWITH
AS PROVIDED THEREIN AND IRRESPECTIVE OF THE DATE OF
RECEIPT OF SUCH REVENUES BY THE COMMISSION OR THE
INDENTURE TRUSTEE. SUCH PLEDGE SHALL BE EFFECTIVE AS
PROVIDED IN THE INDENTURE WITHOUT PHYSICAL DELIVERY OF
THE REVENUES TO THE COMMISSION OR TO THE INDENTURE
TRUSTEE.

13.17.    PLEDGED REVENUES. —BOND REDEMPTION AND
INTEREST PAYMENTS SHALL, TO THE EXTENT PROVIDED IN THE
RESOLUTION OR INDENTURE, CONSTITUTE A FIRST, DIRECT
AND EXCLUSIVE CHARGE AND LIEN ON ALL SUCH RATES,
RENTS, TOLLS, FEES, AND CHARGES AND OTHER REVENUES AND
ANY ACCRUED INTEREST THEREON RECEIVED FROM THE USE AND
OPERATION OF THE FACILITY, AND ON ANY SINKING OR OTHER
FUNDS CREATED THEREFROM. ALL SUCH RATES, RENTS,
TOLLS, FEES, CHARGES AND OTHER REVENUES, TOGETHER WITH
ANY ACCRUED INTEREST THEREON, SHALL CONSTITUTE A TRUST
FUND FOR THE SECURITY AND PAYMENT OF SUCH BONDS, AND