Section 1230-R. Agreement with the state

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  corporations  who  may
  enter  into contracts with the authority or the water board, pursuant to
  the provisions of this title that the state will  not  alter,  limit  or
  impair  the  rights hereby vested in the authority or the water board 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 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
  authority  or  the  water  board,  as  the case may be. The authority is
  authorized to include this pledge and agreement  of  the  state  in  any
  agreement with the holders of bonds.