§39A‑46  Refunding special purpose
revenue bonds.  The legislature, by act enacted 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
the provisions of 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 act finally enacted 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
thereof, and (2) refunding special purpose revenue bonds which shall
theretofore have been issued under the provisions of 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, or to redeem or prepay 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 thereof, and 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
1980, c 255, pt of §2]