[§39A-267]  Refunding special purposerevenue bonds.  The legislature, by an act passed 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 further authorized toprovide, by an act passed by an affirmative vote of two-thirds of the membersto which each house is entitled, for the issuance of a single issue of specialpurpose revenue bonds for the combined purposes of:

(1)  Financing or refinancing the cost of a project orimprovement or expansion of the project; and

(2)  Refunding special purpose revenue bonds thatshall have been issued under this part and shall then be outstanding, whetheror not such outstanding special purpose revenue bonds have matured or are thensubject to redemption.

Nothing in this section shall require or be deemedto require the legislature to elect to redeem or prepay special purpose revenuebonds being refunded.  Moreover, nothing in this section shall require or bedeemed to require the legislature to elect to redeem or prepay the specialpurpose revenue bonds being refunded, which were issued in the form customarilyknown as term bonds in accordance with any sinking fund installment schedulespecified in any law authorizing the issuance thereof, or, in the event thedepartment elects to redeem or prepay any such bonds, to redeem or prepay as ofany particular date or dates.  The issuance of such special purpose revenuebonds, the maturities and other details regarding the bonds, the rights and remediesof the bondholders, and the rights, powers, privileges, duties, and obligationsof the department with respect to the bonds and bondholders, shall be governedby the foregoing provisions of this part insofar as may be applicable. [L 2002,c 257, pt of §1]