§ 11-24-119 — Irrevocable Contracts.

Irrevocable Contract. While any of the bonds issued by the Authority shall remain outstanding or while the Authority has any undischarged duties or obligations under any contract or agreement, including obligations to any joint owner of any project, the powers, duties or existence of the Authority or of its officers, employees or agents shall not be diminished, impaired or affected in any manner which will affect adversely the interest and right of the owners of such bonds or the persons to whom such duties or obligations are owed under such contracts or agreements. The provisions of this act shall be for the benefit of the state, the Authority, every owner of the Authority's bonds and every other person to whom the Authority owes a duty or is obligated by contract or agreement and, upon and after the issuance of bonds under the provisions of this act, shall constitute an irrevocable contract by the state with the owners of such bonds and the other persons to whom the Authority owes a duty or is obligated by such contracts or agreements.

Legislative History

Laws 1981, c. 218, § 19, emerg. eff. June 2, 1981.