§ 122D-15. Covenant of State. - North Carolina Statutes

§122D‑15.  Covenant of State.

In consideration of theacceptance of and payment for the bonds of the Authority by the holdersthereof, the State does hereby pledge to and agree with the holders of anybonds of the Authority issued pursuant to the provisions of this Chapter, thatthe State will not impair, limit or alter the rights hereby vested in theAuthority to fulfill the terms of any agreements made with the holders of thebonds of the Authority, or in any way impair the rights or remedies of such holdersthereof, until such bonds, together with the interest thereon, with interest onany unpaid installments of interest, and all costs and expenses in connectionwith any action or proceedings by or on behalf of such holders, are fully metand discharged. The Authority is authorized to include this pledge andagreement of the State in any agreement with the holders of bonds of theAuthority. (1983, c. 789, s. 1; 1985 (Reg. Sess., 1986), c. 1011,s. 1; 1989, c. 500, s. 109(e); 1989 (Reg. Sess., 1990), c. 1000, s. 1.)