Section 2669-A. Agreement with state  


Latest version.
  • The state does hereby pledge to and
      agree with the holders of any bonds issued by the authority pursuant  to
      this  title  and  secured  by a pledge, and with those persons or public
      authorities who may enter into contracts with the authority pursuant  to
      the  provisions  of  this  title that the state will not alter, limit or
      impair the rights hereby vested in the authority 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 authority 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. The authority is
      authorized to include this pledge and agreement  of  the  state  in  any
      agreement  with  the  holders  of 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 in
      any resolution, contract or agreement with the holders of its bonds,  or
      such persons or public authorities who may enter into contracts with the
      authority,  any  provision  stating  that,  as  a  result  of  the state
      exercising its right to amend, repeal, modify  or  otherwise  alter  any
      such  tax,  fee  or  appropriation a default will occur. Nothing in this
      title shall be deemed to obligate the state to make additional  payments
      or  impose  any  taxes  to  satisfy  the debt service obligations of the
      authority.