§ 35-75-121 — Agreement of the state not to limit or alter rights of obligees

Colorado § 35-75-121

• Jurisdiction: Colorado
• Title 35: Agriculture
• Art.: Colorado Agricultural Development

Text

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 vested in the authority 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. 81: Entire article added, p. 1743, � 1, effective June 19.