§ 35-8.1-23 - State's pledge not to limit or alter authority's powers.
SECTION 35-8.1-23
§ 35-8.1-23 State's pledge not to limit oralter authority's powers. – The state pledges to and agrees with any person, firm, or corporation, orfederal agency subscribing to or acquiring the bonds to be issued by theauthority that the state will not limit or alter the rights vested in theauthority until all bonds at any time issued, together with the interestthereon, are fully met and discharged. The state further pledges to and agreeswith the United States and any other federal agency that, in the event that anyfederal agency shall contribute any funds to the authority, the state will notalter or limit the rights and powers of the authority in any manner which wouldbe inconsistent with the due performance of any agreements between theauthority and the federal agency and the authority shall continue to have andmay exercise all powers granted in this chapter, so long as these powers shallbe necessary or desirable for the carrying out of the purpose of this chapter.