§39A‑166  Refunding special purpose
revenue bonds.  The legislature, by act enacted by an affirmative vote of
two-thirds of the members to which each house is entitled, may authorize the
issuance of refunding special purpose revenue bonds for the purpose of
refunding any special purpose revenue bonds then outstanding and issued under
this part, whether or not such outstanding special purpose revenue bonds have
matured or are then subject to redemption.  The legislature may provide, by act
enacted by an affirmative vote of two-thirds of the members to which each house
is entitled, for the issuance of a single issue of special purpose revenue
bonds for the combined purposes of:  (1) financing the cost of a project or
improvement or expansion thereof, and (2) refunding special purpose revenue
bonds which shall theretofore have been issued under this part and shall then
be outstanding, whether or not such outstanding special purpose revenue bonds
have matured or are then subject to redemption.  Nothing in this section shall
require or be deemed to require the department to elect to redeem or prepay
special purpose revenue bonds being refunded, or to redeem or prepay special
purpose revenue bonds being refunded which were issued in the form customarily
known as term bonds in accordance with any sinking fund installment schedule
specified in any instruments providing for the issuance thereof, or, in the
event the department elects to redeem or prepay any such bonds, to redeem or
prepay as of any particular date or dates.  The issuance of such special
purpose revenue bonds, the maturities and other details thereof, the rights and
remedies of the holders thereof, and the rights, powers, privileges, duties,
and obligations of the department with respect to the same, shall be governed
by the foregoing provisions of this part insofar as the same may be applicable.
[L 1981, c 122, pt of §2]