Section 1048-T. 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 that the state will not alter or limit the  rights  hereby
  vested  in  the authority or the water board to fulfill the terms of any
  agreement made with or for the benefit of the holders of  bonds,  or  in
  any  way impair the rights and remedies of bondholders, until the bonds,
  together  with  the  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 such holders, are fully  met
  and  discharged.  The authority is authorized to include this pledge and
  agreement of the state in any agreement with bondholders.