15-2065. Effect of changing circumstances on
bonds; agreement of state
A. Bonds issued under this article remain valid and binding obligations of the
board notwithstanding that before the delivery of the bonds any of the persons whose
signatures appear on the bonds cease to be members of the school facilities board.
B. An amendment of any provision of this article does not diminish or impair the
validity of bonds issued under this article or the remedies and rights of bondholders.
C. This state pledges to and agrees with the holders of the bonds authorized by
this article that this state will not limit, alter or impair the rights and remedies of
the bondholders, until all bonds issued under this article, together with interest on the
bonds, interest on any unpaid installments of principal or interest and all costs and
expenses in connection with any action or proceedings by or on behalf of the bondholders,
are fully met and discharged. The board, as agent for this state, may include this
pledge and undertaking in its resolutions and indentures authorizing and securing the
bonds.
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