(1) Subject to this section, the development charge is for the purpose of making payments for the debt service requirement of a debt arrangement to implement airport facility improvement projects.
(2) The Authority may enter into a debt arrangement for the purpose of carrying out airport development projects on terms mutually agreed between the Authority and a lender.
(3) Where a debt arrangement is entered under subsection (2), the Authority shall set up a lockbox account into which monies collected from the development charge are transferred.
(4) A lockbox account may be set up exclusively for the benefit of a lender for the purpose of debt service.
(5) A lockbox account set up under subsection (4) —
(a) is immune from and is not subjected to any or available for any rights, duties, claims or other expenses of or against the Authority, the Government or any other corporate or governmental entity related to the Authority or the Government;
(b) shall be administered by a trustee for the exclusive interest of the lender and for the purpose of debt service.
(6) The proceeds in a lockbox account may be subjected to a perfected first security interest pledged to a lender.
(7) The Authority shall ensure that the revenue in a lockbox account is not less than sufficient to meet the sums required to service the debt incurred.