(1) The authority may provide for the issuance of revenue refunding bonds for the purpose of refunding any outstanding bonds that have been issued under KRS 353.750 to 353.776, including the payment of any redemption premium thereon and any interest accrued to the date of redemption of the bonds, and, if the authority determines, for the purpose of constructing improvements, extensions, or enlargements of the project or projects in connection with which the bonds to be refunded have been issued. The authority may also provide for the issuance of its revenue bonds for the combined purpose of:
(a) Refunding any outstanding bonds that are issued under KRS 353.750 to 353.776, including the payment of any redemption premium and any interest accrued to the date of redemption of the bonds; and (b) Paying any part of the cost of any additional project or projects.
(2) The issuance of such bonds, maturities and other details, for rights of the bondholders, and the rights, duties, and obligations of the authority, shall be governed by KRS 353.750 to 353.776 where applicable.