I. A security document may: (a) Contain an assignment, pledge, mortgage or other encumbrance of all or part of the authority's interest in, or right to receive payments with respect to, an eligible facility under a financing document; (b) Bear any appropriate title; (c) Provide for a trustee for the benefit of holders of bonds issued to finance an eligible facility; (d) Be combined with a financing document as one instrument; (e) Contain covenants of the authority as to: (1) The creation and maintenance of reserves; (2) The issuance of other bonds with respect to the eligible facility; (3) The custody, investment and application of moneys; (4) The disposition of insurance or condemnation proceeds; (5) The use of surplus bond proceeds; (6) Action by the authority in the event of a default by the user under the financing document; (7) The subjecting of additional property to the lien of the security document; or (8) Any other matter which affects the security for the bonds in any way; or (f) Limit the rights of bondholders to enforce obligations of the authority under the security documents or the financing document. II. A pledge of property, revenues, or other collateral by the authority to secure the payment of principal or redemption price of, or interest on, any bonds, or any reimbursement or similar agreement with any provider of credit enhancement for bonds, or any swap or other agreement entered into in connection with bonds, is binding on the parties and on any successors. The collateral shall immediately be subject to the pledge, and the pledge shall constitute a lien and security interest which shall attach immediately to the collateral and be effective, binding, and enforceable against the pledgor, its successors, purchasers of the collateral, creditors, and all others, to the extent set forth, and in accordance with, the pledge document, irrespective of whether those parties have notice of the pledge and without the need for any physical delivery, recordation, filing or further act.