§ 159-93. Agreement of the State. - North Carolina Statutes

§ 159‑93. Agreement of the State.

The State of North Carolina does pledge to and agree with the holdersof any revenue bonds or revenue bond anticipation notes heretofore or hereafterissued by the State or any municipality in this State that so long as any suchbonds or notes are outstanding and unpaid the State will not limit or alter therights vested in the State or the municipality at the time of issuance of thebonds or notes to establish, maintain, revise, charge, and collect such rates, fees, rentals, tolls, and other charges for the use, services, facilities, andcommodities of or furnished by the revenue bond project in connection withwhich the bonds or notes, or bonds or notes refunded by the bonds or notes,were issued as shall produce revenues at least sufficient with other availablefunds to meet the expense of maintenance and operation of and renewal andreplacements to such project, including reserves therefor, to pay when due theprincipal, interest, and redemption premiums (if any) of the bonds or notes,and to fulfill the terms of any agreements made with the bondholders ornoteholders, nor will the State in any way impair the rights and remedies ofthe bondholders or noteholders until the bonds or notes and all costs andexpenses in connection with any action or proceedings by or on behalf of thebondholders or noteholders, are fully paid, met, and discharged. (1971, c. 780, s. 1; 1973, c. 494, s. 20; 1983, c.554, s. 13.)