Section 32-22-111 - Agreement of the state not to limit or alter rights of obligees

The state hereby pledges and agrees with the holders of any bonds issued under this article 22 and with any parties who enter into contracts with the district pursuant to this article 22 that the state will not impair the rights vested in the district or the rights or obligations of any person with which the district contracts to fulfill the terms of any agreements made pursuant to this article 22. The state further agrees that it will not impair the rights or remedies of the holders of any bonds of the district until the bonds have been paid or until adequate provision for payment has been made. The district may include this provision and undertaking for the state in such bonds.Added by 2021 Ch. 401,§1, eff. 6/30/2021.L. 2021: Entire article added, (SB 21-238), ch. 2671, p. 2671, § 1, effective June 30.