§ 195.16. Competition with authority while bonds remain outstanding.
Latest version.
While any of the bonds issued by the authority remain outstanding, the powers, duties,
or existence of said authority or of its officers, employees, or agents shall not
be diminished or impaired in any manner that will affect adversely the interest and
rights of the holders of such bonds, and no other entity, department, agency, or authority
will be created which will compete with the authority to such an extent as to affect
adversely the interest and rights of the holders of such bonds, nor will the state
itself so compete with the authority. The provisions of this Act [division] shall
be for the benefit of the authority and the holders of any such bonds, and the issuance
of bonds under the provisions of this Act [division] shall constitute a contract with
the holders of such bonds.
(Acts 1996, p. 4216, § 16)
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