If a board issues an order extending the time for payment of installments of assessments, or if all assessments not extended have been collected or become delinquent, the board may refund outstanding bonds, warrants, or certificates on account of any project, which may then be due or nearly due or which may be refunded at a lower rate of interest, and may issue and sell drainage refunding bonds of the county. The bonds may be sold at par value or may be exchanged for outstanding obligations of the district. Except as otherwise stated, the provisions of this chapter apply to issuance, sale, and payment of the bonds.
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