Any municipality which has issued street improvement bonds by virtue of the authority of any law or charter provision is authorized to refund the bonds. In refunding such bonds, the governing body may provide for: 1. The levy and collection of assessments to pay the bonds; 2. The retirement of the street improvement bonds originally issued; 3. The cancellation of any or all prior assessments, and penalties and interest, together with interest and penalties that have accrued thereon, by and with the written consent and under written contract with the holders of any series of the street improvement bonds; 4. A written "Agreement to Accept Street Improvement Refunding Bonds" in exchange for the bonds originally issued; and 5. The procedure for such refunding in accordance with applicable law.
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