43-4-615. Agreement of the state not to limit or alter rights of obligees.
146 words·~1 min read·
/co/title-43-transportation/article-4-financing/43-4-615·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The state hereby pledges and agrees with the holders of any bonds issued under this part 6 and with those parties who enter into contracts with an authority or any member of a combination or member of a transportation planning organization exercising the powers of an authority as authorized by section 43-4-622 pursuant to this part 6 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 6.
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.