The provisions of this subchapter shall constitute a contract by and between the town and the holders of any bonds, notes, debentures, or other obligations issued to refund such bonds or other obligations to assist in the development of any project, and this subchapter shall not be repealed, amended, or otherwise modified so long as any bonds issued to aid in financing the development of any project to which this subchapter relates or any bonds issued to refund such bonds shall remain outstanding and unpaid and so long as the title to such project is held by the town or some other public body or governmental agency authorized by law to engage in the development or administration of housing projects.
(1989 Code, § 11-3-4)