All expenses incurred in carrying out the trust agreement, financial document or resolution may be treated as a part of the cost of the operation of a project, projects or part of any project.__All pledges of revenues under this Act are valid and binding from the time when the pledge was made.__The revenues pledged and received by the board are immediately subject to the lien of the pledges without any physical delivery or further action under the Uniform Commercial Code.__ The lien of the pledges is valid and binding as against all parties having claims of any kind in tort or contract or otherwise against the board irrespective of whether the parties have notice of the lien.

Any resolution or resolutions authorizing any securities or any issue of securities or any trust agreement with respect to any securities may contain provisions that are a part of the contract or contracts with the holders of the securities in relation to:

1.__Pledging of full faith and credit of board.__Pledging the full faith and credit of the board or of all or any specified revenues or assets of the board to secure the payment of the securities or of any issue of securities, subject to such agreements with holders of securities as may then exist;