[§39A-267]  Refunding special purpose
revenue bonds.  The legislature, by an act passed 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 an act passed 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 of the project; and



(2)  Refunding special purpose revenue bonds that
shall 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.  Moreover, nothing in this section shall require or be
deemed to require the legislature to elect to redeem or prepay the 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 regarding the bonds, the rights and remedies
of the bondholders, and the rights, powers, privileges, duties, and obligations
of the department with respect to the bonds and bondholders, shall be governed
by the foregoing provisions of this part insofar as may be applicable. [L 2002,
c 257, pt of §1]