§ 2047-m. Agreement with the state. 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.