Sec. 8-313. State pledge not to prevent municipalities from fulfilling agreements with holders of bonds and notes.
Sec. 8-313. State pledge not to prevent municipalities from fulfilling
agreements with holders of bonds and notes. The state does hereby pledge to and
agree with the holders of any notes or bonds that the state will not limit or alter the rights
hereby vested in the municipality to fulfill the terms of any agreements made with said
holder thereof, or in any way impair the rights and remedies of such holders until such
notes and bonds, together with the interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceeding
by or on behalf of such holders, are fully met and discharged. Municipalities are authorized to include this pledge and agreement of the state in any agreement with the holders
of such notes or bonds.
(P.A. 79-596, S. 14, 17.)