Section 2045-M. Agreement with the state  


Latest version.
  • The state does hereby pledge to
      and agree with the holders of any bonds issued by the agency pursuant to
      this title that the state will not alter  or  limit  the  rights  hereby
      vested  in the agency to purchase, construct, maintain, operate, repair,
      improve, increase, enlarge, extend, reconstruct, renovate,  rehabilitate
      or dispose of any project, or any part or parts thereof, for which bonds
      of  the  agency  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  agreement made with or for the benefit of the holders of
      bonds or with any public corporation or person with  reference  to  such
      project or part thereof, 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 agency is authorized  to
      include  this  pledge  and  agreement of the state in any agreement with
      bondholders.