Sec. 22. The general assembly covenants and agrees with the holders of any district bonds that as long as any district bonds issued under this chapter are outstanding and unpaid, the state:

(1) will not limit or alter the rights of the district to fulfill the terms of any agreements made with the holders of the district bonds; and

(2) will not in any way impair the rights and remedies of the holders of the district bonds;

until the district bonds, together with interest on the district bonds, interest on any unpaid installment of interest, and all costs and expenses in connection with any action or proceedings by or on behalf of the bondholders are fully paid, met, and discharged.

As added by P.L.44-1994, SEC.11.