B. The board of supervisors or other governing body desiring to issue refunding bonds shall adopt and include in its minutes a resolution stating:

1. 1. The facts and determination of the necessity or advisability of refunding such bonded indebtedness, including an estimate of the present value of the debt service savings, net of all costs associated with the refunding bonds, that will occur.
2. 2. The amount of bonds to be issued, the date of such bonds and the denominations.
3. 3. The rate of interest and the maturity date.
4. 4. The place of payment, within or without the state, of the principal and interest.

C. The amount of net premium associated with a refunding bond issue may be used only for one or more of the following:

1. 1. To fund the escrow account to pay the bonds to be refunded.
2. 2. To pay the costs incurred in issuing the refunding bonds.
3. 3. As a deposit in a debt service fund and used to pay interest on the bonds.