§ 1149-l. 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 to purchase, construct, maintain, operate,
repair, improve, increase, enlarge, extend, reconstruct, renovate,
rehabilitate or dispose of any water or sewer 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 and to fulfill the terms of any agreement made with or
for the benefit of the holders of the 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 the bondholders, until the
bonds, together with the 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 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.