(a) Any bonds issued by any community college district may be refunded, without an election, by the district which issued the bonds, in the name of the district, but subject to the provisions concerning their payment and to any other contractual limitations in the proceedings authorizing their issuance or otherwise appertaining thereto, for any of the following purposes: (i) To extend the maturities of outstanding bonds for which payment is in arrears, or which there is not, or it is certain that there will not be, sufficient money to pay the principal or interest on outstanding bonds as due; (ii) To reduce interest costs or effecting other economies; (iii) To reorganize all or any part of the outstanding bonds of the district in order to equalize tax levies; (iv) To refund any bonds which were issued payable from a limited mill levy.
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