[§39A-327]  Refunding special purpose
revenue bonds.  By act enacted by an affirmative vote of two-thirds of the
members to which each house is entitled, the legislature 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.  By act enacted by an affirmative
vote of two-thirds of the members to which each house is entitled, the
legislature may provide 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 thereof; and



(2)  Refunding special purpose revenue bonds that
shall theretofore 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 department to elect to redeem or prepay special purpose
revenue bonds being refunded, or to redeem or prepay special purpose revenue
bonds being refunded that were issued in the form customarily known as term
bonds in accordance with any sinking fund installment schedule specified in any
instruments providing for 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 refunding special purpose revenue bonds, the maturities and
other details thereof, the rights and remedies of the holders thereof, and the
rights, powers, privileges, duties, and obligations of the department with
respect to the same, shall be governed by the foregoing provisions of this part
insofar as the same may be applicable. [L 2006, c 148, pt of §1]