Sec. 13. (a) Bonds issued under IC 36-7-14 may be refunded as provided in this section.
(b) Subject to the prior approval of the fiscal body of the unit under IC 36-7-14-25.2, the commission may:
(1) lease all or a portion of a local public improvement or improvements to the authority, which may be at a nominal lease rental with a lease back to the commission, conditioned upon the authority assuming bonds issued under IC 36-7-14 and issuing its bonds to refund those bonds; and
(2) sell all or a portion of a local public improvement or improvements to the authority for a price sufficient to provide for the refunding of those bonds and lease back the local public improvement or improvements from the authority.