1. (a) A bond of the authority:

   1. (1) is not a debt, liability, loan of the credit, or pledge of the faith and credit of the state or of any political subdivision;
   2. (2) is payable solely from the money pledged or available for its payment under this chapter, unless funded or refunded by bonds of the authority; and
   3. (3) must contain on its face a statement that the authority is obligated to pay principal and interest, and redemption premiums if any, and that the faith, credit, and taxing power of the state are not pledged to the payment of the bond.

2. (b) The state pledges to and agrees with the holders of the bonds issued under this chapter that the state will not:

   1. (1) limit or restrict the rights vested in the authority to fulfill the terms of any agreement made with the holders of its bonds; or

   2. (2) in any way impair the rights or remedies of the holders of the bonds;

      until the bonds, together with the interest on the bonds, and interest on unpaid installments of interest, and all costs and expenses in connection with an action or proceeding by or on behalf of the holders, are fully met, paid, and discharged.

As added by P.L.13-1990, SEC.1.