§ 23-15-124 — Agreement of the state not to limit or alter rights of obligees

The state hereby pledges to and agrees with the holders of any bonds, notes, or
other obligations issued pursuant to this article and with those parties who may
enter into contracts with the authority pursuant to the provisions of this article that
the state will not limit, alter, restrict, or impair the rights vested pursuant to this
article in the authority to acquire, construct, reconstruct, maintain, and operate any
facility or to establish, revise, charge, and collect rates, rents, fees, and other
charges whenever it may be convenient or necessary to produce sufficient
revenues to meet the expenses of maintenance and operation thereof and to fulfill
the terms of any agreements made with the holders of bonds, notes, or other
obligations authorized and issued pursuant to this article and with the parties who
may enter into contracts with the authority pursuant to this article. The state
further agrees that it will not in any way impair the rights or remedies of the holders
of such bonds, notes, or other obligations of such parties until such bonds, notes, or
other obligations, together with interest thereon, interest on any unpaid installment
of interest, and all costs and expenses in connection with any action or proceeding
by or on behalf of such holders, are fully met and discharged and such contracts
are fully performed on the part of the authority. Nothing in this article precludes
such limitation or alteration if and when adequate provision is made by law for the
protection of the holders of such bonds, notes, or other obligations of the authority
or those entering into such contracts with the authority. The authority may include
this pledge and undertaking for the state in such bonds, notes, or other obligations
and in such contracts.

Legislative History

Source: L. 81: Entire article added, p. 1111, � 1, effective July 1.