[§39A-297]  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 authorizethe issuance of refunding special purpose revenue bonds for the purpose ofrefunding any special purpose revenue bonds then outstanding and issued underthis part, whether or not the outstanding special purpose revenue bonds havematured or are then subject to redemption.

The legislature may also provide, by an actpassed by an affirmative vote of two-thirds of the members to which each houseis entitled, for the issuance of a single issue of special purpose revenuebonds 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 the outstanding special purpose revenue bonds have matured or are thensubject 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.  Moreover, nothing in this section shall requireor be deemed to require the legislature to elect to redeem or prepay thespecial purpose revenue bonds being refunded, which were issued in the formcustomarily known as term bonds in accordance with any sinking fund installmentschedule specified in any law authorizing the issuance thereof, or, if the departmentelects to redeem or prepay any bonds, to redeem or prepay as of any particulardate or dates.  The issuance of the special purpose revenue bonds, thematurities and other details regarding the bonds, the rights and remedies ofthe bondholders, and the rights, powers, privileges, duties, and obligations ofthe department with respect to the bonds and bondholders, shall be governed bythe foregoing provisions of this part insofar as may be applicable. [L 2006, c102, pt of §2]