(a) The state pledges to and agrees with the owners of public securities issued in accordance with this subchapter that the state will not limit or alter the rights vested in the association to fulfill the terms of agreements made with the owners or impair the rights and remedies of the owners until the following obligations are fully discharged:
(1) the public securities;
(2) any bond premium;
(3) interest; and
(4) all costs and expenses related to an action or proceeding by or on behalf of the owners.
(b) The association may include the state's pledge and agreement under Subsection (a) in an agreement with the owners of the public securities.