§ 39-18-16 - Limitation of powers.
SECTION 39-18-16
§ 39-18-16 Limitation of powers. –The state does hereby pledge to and agree with any person, firm, corporation,or federal agency subscribing to or acquiring the bonds to be issued by theauthority that the state will not limit or alter the rights hereby vested inthe authority until all bonds at any time issued, together with the interestthereon, are fully met and discharged. The state does further pledge to andagree with the United States and any other federal agency, that in the eventthat any federal agency shall contribute any funds for the acquisition andimprovement of any transit property or for the authority's operations orotherwise, the state will not alter or limit the rights and powers of theauthority in any manner which would be inconsistent with the due performance ofany agreements between the authority and the federal agency; and the authorityshall continue to have and may exercise all powers granted in this chapter, solong as the powers shall be necessary or desirable for the carrying out of thepurposes of this chapter.