65-23-118 - Agreement of state with bondholders. - Tennessee Statutes

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65-23-118. Agreement of state with bondholders.

The state does pledge and agree with the holders of bonds issued by the authority that the state will not limit or alter the rights and powers hereby vested in the authority to fix and collect such rates, fees and charges as may be necessary or advisable in order to produce sufficient revenue to meet all expenses of maintenance and operation of its system or systems and to fulfill the terms of any agreements made with the holders of such bonds, or in any way impair the rights and remedies of the holders of such bonds, until such bonds, together with interest thereon, and interest on any unpaid installments of interest, and all costs and expenses in connection with any suits, actions or proceedings by or on behalf of such bondholders are fully paid and discharged.

[Acts 1935 (E.S.), ch. 3, § 18; C. Supp. 1950, § 3708.42 (Williams, § 3708.43); T.C.A. (orig. ed.), § 65-2318.]

State Codes and Statutes

Statutes > Tennessee > Title-65 > Chapter-23 > 65-23-118

65-23-118. Agreement of state with bondholders.

The state does pledge and agree with the holders of bonds issued by the authority that the state will not limit or alter the rights and powers hereby vested in the authority to fix and collect such rates, fees and charges as may be necessary or advisable in order to produce sufficient revenue to meet all expenses of maintenance and operation of its system or systems and to fulfill the terms of any agreements made with the holders of such bonds, or in any way impair the rights and remedies of the holders of such bonds, until such bonds, together with interest thereon, and interest on any unpaid installments of interest, and all costs and expenses in connection with any suits, actions or proceedings by or on behalf of such bondholders are fully paid and discharged.

[Acts 1935 (E.S.), ch. 3, § 18; C. Supp. 1950, § 3708.42 (Williams, § 3708.43); T.C.A. (orig. ed.), § 65-2318.]

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Statutes > Tennessee > Title-65 > Chapter-23 > 65-23-118

65-23-118. Agreement of state with bondholders.

The state does pledge and agree with the holders of bonds issued by the authority that the state will not limit or alter the rights and powers hereby vested in the authority to fix and collect such rates, fees and charges as may be necessary or advisable in order to produce sufficient revenue to meet all expenses of maintenance and operation of its system or systems and to fulfill the terms of any agreements made with the holders of such bonds, or in any way impair the rights and remedies of the holders of such bonds, until such bonds, together with interest thereon, and interest on any unpaid installments of interest, and all costs and expenses in connection with any suits, actions or proceedings by or on behalf of such bondholders are fully paid and discharged.

[Acts 1935 (E.S.), ch. 3, § 18; C. Supp. 1950, § 3708.42 (Williams, § 3708.43); T.C.A. (orig. ed.), § 65-2318.]