(A) The Commission shall perform any and all covenants and agreements contained in any contract or obligation between the city and the holder of any revenue bonds secured by the revenues of such system hereafter created to the full extent permitted by law.
(B) In enacting this subchapter it is intended that same shall be a contract protected against impairment under the principles laid down in the case of Keathley vs. Town of Martin (Ky.), 253 S.W.2d 8, and that so long as any currently issued revenue bonds, or any bonds issued to refund any of such bonds, are outstanding, either as to principal or interest thereon, this subchapter cannot be changed, varied or altered in any manner, it being intended that the provisions of this subchapter shall constitute a contract between the city and each and every holder of such bonds hereinbefore referred to and that purchasers of any of such bonds may purchase the same in reliance upon the contract set out herein, since the City Council of the city enacts this subchapter for the assurance and protection of the citizens of the city, and for the purpose of assuring the holder or holders of such bonds of the efficient operation of the system.
(Ord. passed 10-7-68)