The governing body may issue refunding bonds for the purpose of providing for payment of any outstanding bonds. The refunding bonds shall be secured to the same extent and shall have the same source of payment as the bonds which are refunded.
KRS § 107.220, under MUNICIPAL IMPROVEMENTS -- ALTERNATE METHODS.
KRS § 107.220
The governing body may issue refunding bonds for the purpose of providing for payment of any outstanding bonds. The refunding bonds shall be secured to the same extent and shall have the same source of payment as the bonds which are refunded.