All obligations issued by the authority before the effective date of this part and all proceedings had in the authorization and issuance of these obligations and all agreements with respect to them and the security for them are:

1. (1) validated, ratified, and confirmed; and
2. (2) all these obligations, agreements, and security are declared to constitute legally binding obligations of the authority and all state bodies relating to them in accordance with their terms.

Renumbered and Amended by Chapter 86, 2003 General Session