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<br />1 (10) THE BOARD MAY, WITH RESPECT TO BONDS THAT HAVE BEEN e <br />2 ISSUED OR PROPOSED BONDS, ENTER INTO INTEREST RATE EXCHANGE <br />3 AGREEMENTS IN ACCORDANCE WITH ARTICLE 59.3 OF TITLE 11, C.R.S. <br />4 (I I) NOTWITHSTANDING ANY OTHER PROVISION OF THIS PART 2 TO <br />5 THE CONTRARY, THE BOARD SHALL HAVE THE AUTHORITY TO ISSUE BONDS <br />6 PURSUANT TO THIS PART 2 ONLY IF THE REGISTERED ELECTORS OF THE <br />7 STATE VOTING ON THE QUESTION APPROVE THE BALLOT QUESTION <br />8 SUBMITTED PURSUANT TO SECTION 37-60-203 (1) (a) AND ONLY THEN TO <br />9 THE EXTENT ALLOWED UNDER THE MAXIMUM AMOUNTS OF DEBT AND <br />.10 REPAYMENT COST SO APPROVED. <br />II 37-60-205. Bonds as contracts - agreement of state not to limit <br />12 or alter rights of obligees. (I) ANY REVENUE BONDS ISSUED SHALL <br />I3 CONSTITUTE A CONTRACT BETWEEN THE BOARD AND THE OWNER OR <br />14 HOLDER THEREOF. THE STATE HEREBY PLEDGES AND AGREES WITH THE e <br />15 HOLDERS OF ANY BONDS ISSUED UNDER THIS PART 2 AND WITH THOSE <br />16 PARTIES WHO ENTER INTO CONTRACTS WITH THE BOARD PURSUANT TO THIS <br />17 PART 2 THAT THE STATE WILL NOT LIMIT, ALTER, RESTRICT, OR IMP AIR THE <br />18 RIGHTS VESTED IN THE BOARD OR THE RIGHTS OR OBLIGATIONS OF ANY <br />19 PERSON WITH WHICH IT CONTRACTS TO FULFILL THE TERMS OF ANY <br />20 AGREEMENTS MADE PURSUANT TO THIS PART 2. THE STATE FURTHER <br />21 AGREES THAT IT WILL NOT IN ANY WAY IMP AIR THE RIGHTS OR REMEDIES <br />22 OF THE HOLDERS OF ANY BONDS OF THE BOARD UNTIL SUCH BONDS HAVE <br />23 BEEN PAID OR UNTILADEQUA TE PROVISION FOR PAYMENT HAS BEEN MADE. <br />24 THE BOARD MAY INCLUDE THIS PROVISION AND UNDERTAKING FOR THE <br />25 STATE IN BONDS. <br />26 (2) NEITHER THEMEMBERSOFTHEBOARD, THE STATE TREASURER, <br />27 THE DIRECTOR OF THE BOARD, NOR ANY PERSON EXECUTING BONDS SHALL e <br /> -12- SB03-236 <br />