[§39A‑236]  Refunding special purposerevenue bonds.  The legislature, by act enacted by an affirmative vote oftwo-thirds of the members to which each house is entitled, may authorize theissuance of refunding special purpose revenue bonds for the purpose ofrefunding any special purpose revenue bonds then outstanding and issued underthis part, whether or not such outstanding special purpose revenue bonds havematured or are then subject to redemption.  The legislature is furtherauthorized to provide, by act finally enacted by an affirmative vote oftwo-thirds of the members to which each house is entitled, for the issuance ofa single issue of special purpose revenue bonds for the combined purposes of(1) financing or refinancing the cost of a project or improvement or expansionthereof, and (2) refunding special purpose revenue bonds which shalltheretofore have been issued under this part and shall then be outstanding,whether or not such outstanding special purpose revenue bonds have matured orare then subject to redemption.  Nothing in this section shall require or bedeemed to require the legislature to elect to redeem or prepay special purposerevenue bonds being refunded, or to redeem or prepay special purpose revenuebonds being refunded which were issued in the form customarily known as termbonds in accordance with any sinking fund installment schedule specified in anylaw authorizing the issuance thereof, or, in the event the department elects toredeem or prepay any such bonds, to redeem or prepay as of any particular dateor dates.  The issuance of such special purpose revenue bonds, the maturitiesand other details thereof, and the rights and remedies of the holders thereof,and the rights, powers, privileges, duties, and obligations of the departmentwith respect to the same, shall be governed by the foregoing provisions of thispart insofar as the same may be applicable. [L 1994, c 280, pt of §6]