1. Any bonds issued may be refunded by the Director by the issuance of refunding bonds in an amount which the Director considers necessary to refund the principal of the bonds to be refunded, any unpaid interest thereon and any premiums and incidental expenses necessary to be paid in connection with refunding. 2. Refunding may be carried out whether the bonds to be refunded have matured or thereafter mature, either by sale of the refunding bonds and the application of the proceeds to the payment of the bonds to be refunded, or by exchange of the refunding bonds for the bonds to be refunded. The holders of the bonds to be refunded must not be compelled, without their consent, to surrender their bonds for payment or exchange before the date on which they are payable by maturity, option to redeem or otherwise, or if they are called for redemption before the date on which they are by their terms subject to redemption by option or otherwise. 3. All refunding bonds issued pursuant to this section must be payable solely from revenues and other money out of which the bonds to be refunded thereby are payable.
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