15-2114. Effect of changing circumstances on
bonds; agreement of state
A. Bonds issued under this article remain valid and binding obligations of the
school district notwithstanding that before the delivery of the bonds any of the persons
whose signatures appear on the bonds cease to be officers of the school district.
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 ability of a school
district to qualify for impact aid revenues, or in any way 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 governing 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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