[§39A‑236]  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 is further
authorized to provide, by act finally 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 or refinancing 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 legislature 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, and 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 1994, c 280, pt of §6]