The state hereby covenants with the registered owners of any bonds of the district that so long as the bonds are outstanding and unpaid the state will not limit or alter the rights and powers of the district under this act to conduct the activities referred to herein in any way pertinent to the interests of the bondholders including, without limitation, the district’s right to charge and collect rates, fees and charges and to fulfill the terms of any covenants made with the registered owners of the bonds, or in any other way impair the rights and remedies of the registered owners of the bonds, unless provision for full payment of such bonds, by escrow or otherwise, has been made pursuant to the terms of the bonds or the resolution, trust indenture or security instrument securing the bonds.
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