§39A‑206  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 an energy 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 law authorizing 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 bonds, shall be governed by the foregoing
provisions of this part insofar as the provisions may be applicable. [L 1981, c
151, pt of §2]