The board of directors of the district is hereby authorized to provide by resolution for the issuance of refunding bonds of the district for the purpose of refunding any bonds then outstanding and issued under authority of this article, including the payment of any redemption premium thereon and any interest accrued or to accrue to the date of redemption of such bonds. The issuance of such refunding bonds, the maturity, and other details thereof, and the rights, duties, and obligations of the board of trustees and of the district in respect to such bonds shall be governed by the provisions of this article, in so far as they are applicable. In no event shall such bonds mature over a period of time exceeding forty years from January 1, 1964.
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