The State pledges and agrees with the trustees, and the holders of the bonds in which the trustees have included the pledge and agreement, that the State may not limit or alter the rights of the trustees to fulfill the terms of its agreements with the holders, and may not impair the rights and remedies of the holders or the security for the bonds until the bonds, together with the interest on them and all costs and expenses in connection with any action or proceeding by or on behalf of the holders, are fully paid and discharged. While bonds issued pursuant to the authorizations contained in this article are outstanding, the State shall impose and maintain the state deed recording fee and the Heritage Land Trust portion of the state deed recording fee at a rate sufficient to produce all revenues to discharge all covenants, agreements, and obligations of the department and the trustees with respect to the bonds.
HISTORY: 2006 Act No. 251, Section 2.B, eff March 28, 2006.