(a) The Department may from time to time issue revenue refunding bonds under this subtitle for:
(1) Refunding any bonds issued under this subtitle, including the payment of any redemption premium on the bonds and any interest accrued or to accrue to the date of redemption of the bonds; and
(2) Refunding any bonds issued under Subtitle 3 of this title.
(b) This issuance of refunding bonds under this section, the details of their issuance, the rights of their holders, and the rights, duties, and obligations of the Department with respect to them are governed by the provisions of this subtitle relating to revenue bonds, insofar as those provisions may be applicable, except that the issuance of such refunding bonds and the obligations with respect to them are not subject to the provisions of § 3-516 of this subtitle.