The state does hereby pledge to and agree with the holders of any bonds issued by
the authority pursuant to this title and with those persons or public authorities
who may enter into contracts with the authority pursuant to the provisions of this
title that the state will not alter, limit or impair the rights vested in the authority
by this title to purchase, construct, own and operate, maintain, repair, improve,
reconstruct, renovate, rehabilitate, enlarge, increase and extend, or dispose of any
project, or any part or parts thereof for which bonds of the authority shall have
been issued, to establish and collect rates, rents, fees and other charges referred
to in this title, to fulfill the terms of any contracts or agreements made with or
for the benefit of the holders of bonds or with any person or public authority with
reference to such project or part thereof, or in any way to impair the rights and
remedies of the holders of bonds, until the bonds, together with interest thereon,
including interest on any unpaid installments of interest, and all costs and expenses
in connection with any action or proceeding by or on behalf of the holders of bonds,
are fully met and discharged and such contracts are fully performed on the part of
the authority. The authority is authorized to include this pledge and agreement of the state in
any agreement with the holders of bonds. Nothing contained in this title shall be deemed to restrict the right of the state
to amend, modify, repeal or otherwise alter laws, ordinances, resolutions or agreements
imposing or relating to taxes or fees, or appropriations relating thereto. There shall not be included in any resolution, contract or agreement with holders
of the bonds or other obligations any provision which provides that a default shall
occur as a result of the state exercising its right to amend, repeal, modify or otherwise
alter such laws, ordinances, resolutions or agreements.
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