5-1176. Effect of changing circumstances on
bonds; agreement of state
(Conditionally Rpld.)
A. Bonds issued under this article remain valid and binding obligations of the
authority notwithstanding that before the delivery of the bonds any person whose
signature appears on the bonds ceases to be an officer of the authority.
B. An amendment of any provision in this chapter 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 vested in the
authority to receive the monies necessary to fulfill the terms of any agreements made
with the holders of the bonds, 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 authority board, as agent for this state, may include
this pledge and undertaking in its resolutions and indentures authorizing and securing
its bonds.
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