1-16B-19. State pledge not to impair powers of authority--Inclusion in terms of notes or bonds.
107 words·~1 min read·
/sd/title-1/chapter-1-16/1-16b-19A 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 holder of any notes or bonds issued under this chapter that the state will not limit or alter the rights vested in the authority to fulfill the terms of any agreement made with any holder or impair the rights and remedies of any holder until the notes and bonds, together with the interest thereon, with interest on any unpaid installments of interest, and all costs in connection with any proceeding on behalf of any holder, are fully met and discharged. The authority may include this pledge and agreement in any agreement with the holder of any notes or bonds.