The lien of the pledge or mortgage, to the extent of the lien:

1. (1) as determined and provided by the board of trustees; and

2. (2) as authorized under this chapter;

   is a first and primary lien for the payment of the bonds and the interest on the bonds.

   [Pre-2007 Higher Education Recodification Citation: 20-12-8-2(b).]

As added by P.L.2-2007, SEC.276.