Section 9. Refunding bonds.
The issuing officials are authorized to provide by resolution for the issuance of refunding bonds for the purpose of refunding any debt issued under the provisions of this act and then outstanding, either by voluntary exchange with the holders of the outstanding debt or to provide funds to redeem and retire the outstanding debt with accrued interest, any premium payable thereon and the costs of issuance and retirement of the debt, at maturity or at any call date. The issuance of the refunding bonds, the maturities and other details thereof, the rights of the holders thereof and the duties of the issuing officials in respect thereto shall be governed by the provisions of this section insofar as they may be applicable. Refunding bonds which are not subject to the aggregate limitation of $110,000,000 of debt to be issued pursuant to this act may be issued by the issuing officials to refund debt originally issued or to refund bonds previously issued for refunding purposes.