Section 868. Agreements of the municipality and state

The municipality is
  authorized to, and the state does hereby, pledge to and agree  with  the
  holders  of  the  bonds  or  notes that neither the municipality nor the
  state, respectively, will limit or alter the rights,  hereby  vested  in
  the  agency to acquire, construct, reconstruct, improve, maintain, equip
  and furnish the project or projects, to establish and  collect  rentals,
  fees  and  other charges and to fulfill the terms of any agreements made
  with the holders of the bonds or notes nor in any way impair the  rights
  and remedies of the bondholders or noteholders until the bonds or notes,
  together with 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 the bondholders or noteholders  are  fully
  met and discharged.