(1) If the governing body determines to issue refunding bonds without an election by meeting the requirements set forth in sections 30-35-701 to 30-35-703, or if, upon canvassing the vote cast at any election held under the provisions of this part 7, it is determined by the governing body that a majority of the legal votes cast upon the question submitted are in favor of refunding, the governing body shall make such determination a part of the official records of the county and shall immediately thereafter adopt an ordinance providing for the issuance of said refunding bonds in accordance with the provisions of this part 7.

(2) Such ordinance shall fix the date of said refunding bonds, shall designate the denominations thereof, shall designate the maximum net effective interest rate, the rate or rates of interest of individual bonds, the maturity dates, and the place or alternate places of payment within or without the state of Colorado, of both principal and interest, and shall prescribe the form of said refunding bonds.

(3) Such refunding bonds shall be negotiable in form, shall recite the title of the ordinance under which they are issued, and shall be executed in the name of the county and signed by the executive officer, countersigned by the treasurer, with the seal of the county affixed thereto, and attested by the county clerk and recorder. The interest accruing on such refunding bonds shall be evidenced by interest coupons thereto attached, bearing the engraved facsimile signature of the treasurer of the county. When so executed, such coupons shall be the binding obligations of the county, according to their import.

(4) In the adoption of said ordinance providing for the issuance of said refunding bonds, the governing body shall make the principal of the debt payable in annual or semiannual installments commencing not later than five years after the date of such bonds and maturing during a period not exceeding thirty-five years from the date thereof. The amounts of such maturities shall be fixed by the governing body. The right to redeem all or any part of said issue of bonds prior to the respective maturities thereof and the order of any such redemption may be reserved in said ordinance, and, if so reserved, shall be set forth on the face of said bonds.

(5) Outstanding bonds, which are secured by a pledge of specific special funds or revenues of the county in addition to the general ad valorem tax revenues of said county, may be refunded under the provisions of this part 7, and substantial compliance with the provisions of this article shall be deemed and taken to be sufficient to legally authorize such refunding and the issuance of refunding bonds for such purpose, without further actions being taken by the county. Such a pledge of specific special funds or revenues need not be made to additionally secure the refunding bonds so issued, but such funds or revenues may be so pledged if it is deemed advisable by the governing body of the county.