Section 1115-S. Agreement of 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 the bonds, or
  in any way impair the rights and remedies of the 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.