(1) Bonds may be issued for the purpose of refunding any obligations issued under this chapter or otherwise.
(2) The refunding bonds may be combined with bonds issued under the provisions of § 27-70-314 [repealed] into a single issue.
(3) When bonds are issued under this section for refunding purposes, the bonds may either be sold or delivered in exchange for the outstanding obligations.
(4) If sold, the proceeds may, either at maturity or upon any authorized redemption date, be either: Applied to the payment of the obligations refunded; or
(5) Deposited in escrow for the retirement thereof.
(6) Bonds issued under this section shall in all respects be authorized, issued, and secured in the manner provided for other bonds issued under this chapter.
(7) The resolution or indenture under which the refunding bonds are issued may provide that any of the refunding bonds shall have the same priority of lien on the revenues pledged for their payment as was enjoyed by the obligations refunded thereby.