Section 29-4-1110 - Agreement of the state not to limit or alter rights of obligees

The state pledges and agrees with the holders of any bonds issued under this part 11 and with those parties who enter into contracts with the authority that the state will not impair the rights vested in the authority or the rights or obligations of any person with which the authority contracts to fulfill the terms of any agreements made pursuant to this part 11. The state further agrees that it will not impair the rights or remedies of the holders of any bonds of the authority until the bonds have been paid or until adequate provision for payment has been made. The authority may include this provision and undertaking for the state in the bonds.Added by 2022 Ch. 354,§2, eff. 6/3/2022.