The state of Arizona does pledge to and agree with the holders of the bonds and notes that the state will not limit or alter the rights hereby vested in the director and the authority to maintain, reconstruct and operate the projects included in the state water and power plan, and to establish and collect such charges, fees and rentals as may be convenient or necessary to produce sufficient revenue to meet the expense of maintenance and operation and to fulfill the terms of any agreements made with the holders of the bonds and notes, or in any way impair the rights and remedies of the bondholders or noteholders, until the bonds and notes, together with interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceedings by or on behalf of the bondholders and noteholders, are fully met and discharged. The authority as agent for the state is hereby authorized to include this pledge and undertaking by the state in its resolutions and indentures securing the bonds and notes.