(1) The State Highway Commission may issue bonds for the purpose of refunding bonds previously issued pursuant to this subchapter; provided, however, that such bonds are not issued after December 31, 2015, and that the total amount of bonds outstanding after the refunding is completed does not exceed the total amount authorized by this subchapter.
(2) Such refunding bonds shall be special obligations of the State of Arkansas, secured as set forth herein, and shall be secured and sold in accordance with the provisions of this subchapter.