§ 42-133-11 — § 42-133-11. Bankruptcy.

§ 42-133-11. Bankruptcy.

Prior to the date which is one year and one day after the date on which the corporation no longer has any bonds outstanding, the corporation has no authority to file a voluntary petition under chapter 9 of the United States Bankruptcy Code or such corresponding law as may, from time to time, be in effect, and neither any public official nor any other organization, entity, or other person shall authorize the corporation to be or become a debtor under the United States Bankruptcy Code or any corresponding law during such periods. The provisions of this section are for the benefit of the holders of any bonds and are a part of the contractual obligation owed to such bondholders, and the state hereby agrees that it shall not modify or delete the provisions of this section during the periods described in this section. The corporation is authorized to include this agreement of the state in any agreement with the holders of the bonds.

Legislative History

P.L. 2002, ch. 65, art. 8, § 1.