La. R.S. 45:1147

The governing body of any political subdivision which has issued bonds under this Part may thereafter authorize the issuance of bonds for the purpose of refunding the outstanding bonds. The refunding bonds may either be sold and the proceeds applied to the retirement of the outstanding bonds, or may be delivered in exchange for the outstanding bonds. The refunding bonds shall be authorized in all respects in the same manner as original bonds, and although they may differ as to maturity, interest rate and other details, shall have the same security and enjoy the same sources of payment and rank of privilege as enjoyed by the bonds refunded.