1. Any bonds of the district issued in accordance with the provisions of this chapter or any other statute and payable from any pledged revenues, assessments or taxes ad valorem, or any combination thereof, may be refunded by the board, without the necessity of the refunding bonds being authorized at an election, by the adoption of a resolution by the board and by any trust indenture or other proceedings appertaining thereto, authorizing the issuance of refunding bonds to pay, refund and discharge all or any part of any outstanding bonds of the district, including: (a) The acceleration, deceleration or other modification of the payment of those obligations and any interest thereon in arrears or to become due for any period not exceeding 3 years from the date of issuance of the refunding bonds; (b) To reduce the interest on the outstanding bonds; (c) To modify or eliminate restrictive contractual limitations on the issuance of additional bonds, concerning the outstanding bonds or concerning any facilities appertaining thereto; or (d) Any combination of the purposes stated in paragraphs (a), (b) and (c). 2. Any refunding bonds issued may be delivered in exchange for any outstanding bonds being refunded or may be sold at a public or private sale. 3. The lien for taxes for the payment of the interest and principal of any refunding bond issue is of equal rank with the lien of the original bond issue retired thereby.
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