Revenues derived from each project of a transportation improvement district in connection with which any bonds are outstanding shall be first applied to pay the cost of the construction, maintenance, and repair of the project and to provide such reserves therefor as are provided for in the bond proceedings authorizing the issuance of those outstanding bonds, and otherwise as provided by the board of trustees of the district, and the balance of the pledged revenues shall be set aside, at regular intervals as are provided in the bond proceedings, in a bond service fund which is hereby pledged to and charged with the payment of the bond service charges on any outstanding bonds as provided in the applicable bond proceedings. The pledge shall be valid and binding from the time the pledge is made. The revenues and the pledged revenues thereafter received by the board shall immediately be subject to the lien of the pledge without any physical delivery thereof or further act, and the lien of such pledge shall be vali d and binding as against all parties having claims of any kind in tort, contract, or otherwise against the board, whether or not the parties have notice thereof. The bond proceedings by which a pledge is created need not be filed or recorded except in the records of the board. The use and disposition of moneys to the credit of a bond service fund shall be subject to the applicable bond proceedings. Except as is otherwise provided in the bond proceedings, a bond service fund shall be a fund for all such bond s, without distinction or priority of one (1) over another.
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