§ 21. Interest of bondholders protected.

While any of the bonds issued by the authority remain outstanding, the powers, duties or existence of the authority or of its officers, employees or agents shall not be diminished or impaired in any manner that will affect adversely the interests and rights of the holders of such bonds, and no other entity, department, agency or authority will be created which will compete with the authority to such an extent as to affect adversely the interests and rights of the holders of such bonds, nor will the state so compete with the authority. The provisions of this act [article] shall be for the benefit of the authority and the holders of any such bonds, and, upon the issuance of bonds under the provisions of this act [article], shall constitute a contract with the holders of such bonds.