(a) Bonds may be issued for the purpose of refunding either at maturity or in advance of maturity any bonds issued under this subchapter or any bonds issued by the Arkansas Development Finance Authority to finance the Construction Assistance Revolving Loan Fund or the Safe Drinking Water Fund.
(b) The refunding bonds may either be sold or delivered in exchange for the bonds being refunded.
(c) If sold, proceeds of the bonds may either be applied to the payment of the bonds being refunded or deposited in trust and there maintained in cash or investments for the retirement of the bonds being refunded as specified by the Arkansas Natural Resources Commission and the authorizing resolution or trust indenture securing the refunding bonds.
(d) The authorizing resolution or trust indenture securing the refunding bonds may provide that the refunding bonds shall have the same security for their payment as provided for the bonds being refunded.
(e) Refunding bonds shall be sold and secured in accordance with the provisions of this subchapter pertaining to the sale and security of bonds.