(a) If, at the conclusion of the hearing, the road district by order determines that the property in the district will benefit from refinancing under this subchapter, the district may:
(1) issue refunding bonds or certificates of assessment to pay all or part of the district's bonded indebtedness; and
(2) impose the assessments as special assessments on the property in the district.
(b) For assessments imposed under Subsection (a), the district:
(1) shall specify the method of payment and rate of interest of the assessments; and
(2) may provide for payment in periodic installments in amounts necessary to pay the principal of and interest on the refunding bonds or certificates of assessment as accrued.