(1) The Arkansas Development Finance Authority may provide by resolution for the issuance of refunding bonds to refund outstanding bonds issued under this subchapter and any accrued interest on those bonds.
(2) The authority may: Sell the refunding bonds and use the proceeds to retire the outstanding bonds issued under this subchapter;
(3) Exchange the refunding bonds for the outstanding bonds; and
(4) Refund the bonds in the manner provided by any other applicable statute.