§ 25-25-124 — Agreement of 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 under 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 hereby vested 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 as 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, and other obligations, together
with interest thereon, with 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. 77: Entire article added, p. 1318, � 1, effective July 1.