The Governor, Auditor General and State Treasurer are authorized to provide, by resolution, for the issuance of refunding bonds for the purpose of refunding any bonds issued under the provisions of this subchapter and then outstanding, either by voluntary exchange with the holders of the outstanding bonds, or to provide funds to redeem and retire the outstanding bonds with accrued interest and any premium payable thereon, at maturity or at any call date. The issuance of the refunding bonds, the maturities and other details thereof, the rights of the holders thereof and the duties of the Governor, Auditor General and State Treasurer in respect to them shall be governed by the provisions of this subchapter, insofar as they may be applicable. Refunding bonds may be issued by the Governor, Auditor General and State Treasurer to refund bonds originally issued or to refund bonds previously issued for refunding purposes.
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