Delaware § 1409 - No alteration of rights.

§ 1409. No alteration of rights.

The State does hereby pledge to and covenant and agree with the holders of any bonds issued or incurred pursuant to the authorization of this chapter that the State will not limit or alter the rights or powers hereby vested in the Authority in any way that would jeopardize the interest of the holders or inhibit or prevent performance or fulfillment by the Authority of the terms of any agreement made with the holders of the bonds or prevent the Authority from obtaining sufficient revenues which, together with other available funds, shall be sufficient to meet all expenses of the Authority and fulfill the terms of any agreement made with the holders of the bonds together with interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceedings by or on behalf of the holders, or from receiving payment of funds as provided in any agreement, until the bonds together with interest and premium, if any, thereon, are fully met and discharged or provided for. The failure of the State to appropriate moneys for any purpose of this chapter shall not be deemed or construed to be a violation of this section. However, the laws authorizing the imposition of taxes or fees, the pledge of those taxes and fees to the Authority and the transfer of those taxes and fees to the Authority shall not be repealed and those taxes and fees shall not be reduced or adversely altered until bonds secured by such taxes or fees are paid or provisions for their payment is made. The State shall have no obligation to increase such taxes or fees to meet payments of principal, premium, if any, or interest on any bonds. Neither the use of the Authority’s assets for the purposes of this chapter nor the existence of the Authority shall be terminated for any reason prior to the time the principal of, premium, if any, and interest on any bonds of the Authority have been paid or adequate provision for their payment has been made notwithstanding any provision to the contrary if any, in Chapter 102 of Title 29.

66 Del. Laws, c. 87, §  1;  66 Del. Laws, c. 360, §  49;  67 Del. Laws, c. 285, §  56(g);