The state does hereby pledge to and agree with the holders of any bonds issued by the board pursuant to this chapter that the state will not alter or limit the rights hereby vested in the board to fulfill the terms of any agreement made with or for the benefit of the holders of bonds, or in any way impair the rights and remedies of bondholders, until the bonds, together with the interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceeding by or on behalf of the holders are fully met and discharged. The board is authorized to include this pledge and agreement of the state in any agreement with bondholders.