(a) All covenants and agreements entered into and made by an industrial development authority shall be binding in all respects on the industrial development authority and the members of the industrial development authority and their successors from time to time in accordance with the terms of the covenants and agreements.
(b) All of the terms of the covenants and agreements under subsection (a) of this section shall be enforceable by mandamus or other appropriate proceedings at law or in equity.