§ 2-372. Interest of bondholders protected  


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  • While any of the bonds issued by the commission remain outstanding, the powers, duties, or existence of the commission or of its officers, employees, or agents shall not be diminished or impaired in any manner that will affect adversely the interests and rights of the holders of such bonds, and no other entity, department, agency, or authority will be created which will compete with the commission to such an extent as to affect adversely the interests and rights of the holders of such bonds, nor will the state itself so compete with the commission. The provisions of this division shall be for the benefit of the commission and the holders of any such bonds and, upon the issuance of bonds under the provisions of this division, shall constitute a contract with the holders of such bonds.

(1990 Ga. Laws (Act No. 1177), page 5170, § 22)