§ 39-18-16 — § 39-18-16. Limitation of powers.

§ 39-18-16. Limitation of powers.

The state does hereby pledge to and agree with any person, firm, corporation, or federal agency subscribing to or acquiring the bonds to be issued by the authority that the state will not limit or alter the rights hereby vested in the authority until all bonds at any time issued, together with the interest thereon, are fully met and discharged. The state does further pledge to and agree with the United States and any other federal agency, that in the event that any federal agency shall contribute any funds for the acquisition and improvement of any transit property or for the authority's operations or otherwise, the state will not alter or limit the rights and powers of the authority in any manner that would be inconsistent with the due performance of any agreements between the authority and the federal agency; and the authority shall continue to have and may exercise all powers granted in this chapter, so long as the powers shall be necessary or desirable for the carrying out of the purposes of this chapter.

Legislative History

P.L. 1964, ch. 210, § 1; P.L. 1983, ch. 157, § 1; P.L. 1997, ch. 326, § 120.