The authority shall have perpetual existence, and, while any of the bonds issued by
the authority shall remain outstanding, the powers, duties, or existence of the authority
or of its officers, employees, or agents shall not be diminished, impaired, or affected
in any manner which will affect adversely the interest and rights of the owners of
such bonds, and no other authority, instrumentality, or body will be created or empowered
to compete with the authority so as to affect adversely the interests and rights of
the owners of such bonds nor will the state, itself, so compete with the authority.
The provisions of this division shall be for the benefit of the state, the authority,
and every owner of the authority's bonds and, upon and after the issuance of bonds
under the provisions of this division, shall constitute an irrevocable contract with
the owners of such bonds.
(1970 Ga. Laws (Act No. 786), page 2126, § 18)
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