(a) Any municipality may issue refunding bonds to refund, pay, or discharge the principal and interest on all or any part of the outstanding bonds:
(1) Issued by the municipality to finance the development of all or part of the sewerage facility; and
(2) In arrears or about to become due.
(b) The provisions of this subtitle that concern authorization and issuance of bonds apply to authorization and issuance of refunding bonds.