Section 3658. Agreement with the state  


Latest version.
  • The state does hereby pledge to and
      agree with the holders of any issue of bonds  issued  by  the  authority
      pursuant  to this title and secured by such a pledge that the state will
      not limit, alter or impair the rights hereby vested in the authority  to
      fulfill  the  terms of any agreements made with such holders pursuant to
      this title, or in any way impair the rights and remedies of such holders
      or the security for such bonds  until  such  bonds,  together  with  the
      interest  thereon  and  all  costs  and  expenses in connection with any
      action or proceeding by or on behalf of such holders, are fully paid and
      discharged. The authority is  authorized  to  include  this  pledge  and
      agreement  of the state in any agreement with the holders of such bonds.
      Nothing contained in this title shall be deemed to restrict the right of
      the state to amend, modify, repeal or otherwise alter statutes  imposing
      or  relating  to  taxes or fees, or appropriations relating thereto. The
      authority shall not include within any resolution, contract or agreement
      with holders of the bonds issued under this title  any  provision  which
      provides  that  a default occurs as a result of the state exercising its
      right to amend, repeal, modify or otherwise alter such taxes,  fees,  or
      appropriations.  Nothing  in  this title shall be deemed to obligate the
      state to make any payments or impose  any  taxes  to  satisfy  the  debt
      service obligations of the authority.