Section 3613. Agreement with state  


Latest version.
  • The state does hereby pledge to and
      agree with the holders of any bonds issued by the  corporation  pursuant
      to  this  title  and  with  those persons or public corporations who may
      enter into contracts with the corporation pursuant to the provisions  of
      this  title  that  the  state will not alter, limit or impair the rights
      hereby vested  in  the  corporation  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 corporation 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 corporation 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 corporation. The corporation is  authorized
      to  include this pledge and agreement of the state in any agreement with
      the holders of bonds.