§ 45-50-24. Limitation of powers. The state pledges to and agrees with any person, firm, or corporation, or federal agency subscribing to or acquiring the bonds to be issued by the authority for the construction, extension, improvement, equipping, furnishing, or enlargement of any project or part of it, that the state will not limit or alter the rights vested in the authority until all bonds at any time issued, together with their interest, are fully met and discharged. The state does further pledge to and agree with the United States, and any other federal agency, that in the event that any federal agency constructs or contributes any funds for the construction, extension, improvement, equipping, furnishing, or enlargement of any project, or any portion of it, the state will not alter or limit the rights and powers of the authority in any manner which would be inconsistent with the due performance of any agreements between the authority and the federal agency; and the authority continues to have and may exercise all powers granted by this chapter, so long as the powers are necessary or desirable for the carrying out of the purposes of this chapter.
History of Section. (P.L. 1987, ch. 475, § 1.)
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