The validity of the authorization and issuance of any bonds by the Board, with the approval of the Governor, is not dependent on nor affected in any way by:

(a) Proceedings taken by the Board for the acquisition, construction or completion of the system or any part thereof;

(b) Any contracts made by the Board in connection with the acquisition, construction or completion of the system or any part thereof; or

(c) The failure to complete the system or any part thereof for which bonds are authorized to be issued.

SOURCE: GC § 21554.