§ 9-1-111. SAME—PLEDGE OF STATE NOT TO ALTER RIGHTS, ETC., OF BONDHOLDERS.

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The state does hereby pledge to and agree with any person or federal agency subscribing to or acquiring the revenue bonds to be issued by the authority for the construction, extension, improvement, equipping, furnishing, or enlargement of any project or part thereof that the state will not limit or alter the rights hereby vested in the authority until all such bonds at any time issued to provide funds for such project or part thereof, together with the interest thereon, are fully met and discharged, it being the intent of this article, that the authority shall continue to have and may exercise all powers herein granted, so long as the same shall be necessary or desirable for the carrying out of the purposes of this article.

(1988 Code, § 30-11) (Bill No. 48-02, § 1, 7-1-2004)

                    
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