[§39A-327]  Refunding special purposerevenue bonds.  By act enacted by an affirmative vote of two-thirds of themembers to which each house is entitled, the legislature 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 the outstanding special purpose revenue bonds havematured or are then subject to redemption.  By act enacted by an affirmativevote of two-thirds of the members to which each house is entitled, thelegislature may provide for the issuance of a single issue of special purposerevenue bonds for the combined purposes of:

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

(2)  Refunding special purpose revenue bonds thatshall theretofore have been issued under this part and shall then beoutstanding, whether or not the outstanding special purpose revenue bonds havematured or are then subject to redemption.

Nothing in this section shall require or bedeemed to require the department to elect to redeem or prepay special purposerevenue bonds being refunded, or to redeem or prepay special purpose revenuebonds being refunded that were issued in the form customarily known as termbonds in accordance with any sinking fund installment schedule specified in anyinstruments providing for the issuance thereof, or, if the department elects toredeem or prepay any bonds, to redeem or prepay as of any particular date or dates. The issuance of refunding special purpose revenue bonds, the maturities andother details thereof, the rights and remedies of the holders thereof, and therights, powers, privileges, duties, and obligations of the department withrespect to the same, shall be governed by the foregoing provisions of this partinsofar as the same may be applicable. [L 2006, c 148, pt of §1]