(1) The bonds to be issued by the Arkansas Economic Development Council shall be issued in accordance with the same procedures provided for the issuance of revenue bonds by the Arkansas Development Finance Authority.
(2) All other provisions of the Arkansas Housing Development Agency Act [repealed] governing the issuance of revenue bonds, the issuance of refunding bonds, and the various formalities and procedures to be followed with respect to the issuance or redemption thereof shall be applicable to revenue bonds to be issued by the council under the provisions of this subchapter.