(a) The district may refund any outstanding bonds with the approval of district voters voting at an election held by the district.
(b) The election shall be held as provided by Chapter 7803. The ballot shall:
(1) be printed to provide for voting for or against the proposition: "For the issuance of refunding bonds and the levy of taxes in payment of those bonds."; and
(2) state the maximum interest rate and maturity applicable to the refunding bonds.
(c) The rate and maturity may exceed the maximum rate and maturity applicable to any outstanding bonds being refunded.