§ 159B-22. Agreement of the State. - North Carolina Statutes

§ 159B‑22. Agreement of the State.

The State does hereby covenant and agree with the holders of any bondsthat so long as any bonds of a municipality or joint agency are outstanding andunpaid the State will not limit or alter the rights vested in such municipalityor joint agency to acquire, construct, reconstruct, improve, enlarge, better,extend, own, operate and maintain its electric system or any project orinterest therein, as the case may be, or to establish, maintain, revise,charge, and collect the rents, rates, fees and charges referred to in thisChapter and to fulfill the terms of any agreements made with the holders of thebonds or in any way impair the rights and remedies of the bondholders, untilthe bonds, together with interest thereon, interest on any unpaid installmentof interest, and all costs and expenses in connection with any action orproceedings by or on behalf of the bondholders, are fully paid, met anddischarged. (1975, c. 186, s.1.)