[§39A-297]  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 the outstanding special purpose revenue bonds have
matured or are then subject to redemption.



The legislature may also 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 the 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, if the department
elects to redeem or prepay any bonds, to redeem or prepay as of any particular
date or dates.  The issuance of the 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 2006, c
102, pt of §2]