The department of transportation is authorized to provide, by resolution of the transportation commission, for the issuance of refunding bonds of the state of Colorado for the purpose of refunding any bonds issued under the provisions of this part 2 and then outstanding. The issuance of the refunding bonds, the maturities and other details thereof, the rights of the holders thereof, and the duties of the department of transportation in respect to the same shall be governed by the provisions of this part 2 insofar as the same may be applicable.
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