77-5-35 - Pledge of state to bondholders that it will not impair rate-making power of authority. - Mississippi Statutes

§ 77-5-35. Pledge of state to bondholders that it will not impair rate-making power of authority.
 

The state does pledge to and agree with the holders of bonds issued by the authority that the state will not limit or alter the rights and powers vested in the authority to fix and collect such rates, fees and charges as may be necessary or advisable in order to produce sufficient revenue to meet all expenses of maintenance and operation of its system or systems and to fulfill the terms of any agreements made with the holders of such bonds, or in any way impair the rights and remedies of the holders of such bonds, until such bonds together with interest thereon, and interest on any unpaid installments of interest, and all costs and expenses in connection with any suits, actions or proceedings by or on behalf of such bondholders are fully paid and discharged. 
 

Sources: Codes, 1942, § 5517; Laws,  1936, ch. 183.