The state does hereby pledge to and agree with the holders of any lease purchase arrangement, certificates of participation or other partial interest in a lease purchase arrangement entered into under the Public School Lease Purchase Act that the state will not limit or alter the rights vested in school districts or charter schools to fulfill the terms of any lease purchase arrangement or related sublease arrangement or in any way impair the rights and remedies of the holders of lease purchase arrangements, certificates of participation or other partial interests in lease purchase arrangements until the payments due thereon, and all costs and expenses in connection with any action or proceedings by or on behalf of those holders, are fully met and discharged. School districts and charter schools are authorized to include this pledge and agreement of the state in any lease purchase arrangement or related sublease arrangement.

History: Laws 2007, ch. 173, § 15; 2009, ch. 132, § 11; 2015, ch. 106, § 8.

The 2015 amendment, effective July 1, 2015, amended the Public School Lease Purchase Act to include charter schools in the "Agreement of the State", which provides that the state will not limit or alter the rights vested in school districts or charter schools to fulfill the terms of any lease purchase arrangement or in any way impair the rights and remedies of the holders of lease purchase arrangements; after "vested in school districts", added "or charter schools", and after "School districts", added "and charter schools".

The 2009 amendment, effective June 19, 2009, after the first occurrence of "purchase arrangement", added "certificates of participation or other partial interest in a lease purchase arrangement"; after the second occurrence of "purchase arrangement", added "or related sublease arrangement"; after the third occurrence of "purchase arrangements", added "certificates of participation or other partial interests in lease purchase arrangements"; and after the fourth occurrence of "purchase arrangement", added "or related sublease arrangement".