Bondholder protection

This chapter does not impair the obligation of any contract made by the authority upon any bonds or any payment obligations under any agreements entered into in connection with any bonds. The state covenants and agrees with the holders of the bonds that so long as the bonds are outstanding and unpaid, the state must not limit nor alter the rights vested in the authority with respect to any agreements made with, or remedies available to, the holders of bonds issued under this chapter until the bonds, together with all interest thereon, and all costs and expenses in connection with any proceeding by or on behalf of the holders, are fully met and discharged. The authority may include this pledge and agreement of the state in any agreement with the holders of the bonds.