The Florida Senate

348.226  Covenant of the state.--The state does hereby pledge to, and agrees with, any person, firm, or corporation or any federal or state agency subscribing to, or acquiring, the bonds to be issued by the authority for the purposes of this part that the state will not limit or alter the rights hereby vested in the authority and the Department of Transportation until all bonds at any time issued, together with the interest thereon, are fully paid and discharged, insofar as the same affect the rights of the holders of bonds issued hereunder. The state does further pledge to, and agree with, the United States that, in the event any federal agency shall construct, or contribute any funds for, the completion, extension, or improvement of the Brevard County Expressway System, or any part or portion thereof, the state will not alter or limit the rights and powers of the authority and the Department of Transportation in any manner which would be inconsistent with the continued maintenance and operation of the Brevard County Expressway System or the completion, extension, or improvement thereof, or which would be inconsistent with the due performance of any agreements between the authority and any federal agency, and the authority and the Department of Transportation shall continue to have and may exercise all powers herein granted so long as the same shall be necessary or desirable for the carrying out of the purposes of this part and the purposes of the United States in the completion, extension, or improvement of the Brevard County Expressway System or any part or portion thereof.

History.--s. 11, ch. 72-408.