Sec. 7-565. State pledge to holders of general obligations.
154 words·~1 min read·
/ct/title-7/chapter-117-municipal-deficit-financing/7-565·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The state does hereby pledge to and agree with the holders of any general obligations issued under sections 7-560 to 7-579 , inclusive, and with those parties who may enter into contracts with a municipality pursuant to the provisions of sections 7-560 to 7-579 , inclusive, that the state will not limit or alter the rights hereby vested in a municipality until such obligations, together with the interest thereon, are fully met and discharged and such contracts are fully performed on the part of the municipality, provided nothing in sections 7-560 to 7-579 , inclusive, shall preclude limitation or alteration if and when adequate provision shall be made by law for the protection of the holders of such general obligations of a municipality or those entering into such contracts with a municipality.
A municipality as agent for the state is authorized to include this pledge and undertaking by the state in such general obligations.