1. (a) Bonds issued under IC 8-5-15 , IC 8-22-3 , IC 36-9-3 , or prior law may be refunded as provided in this section.

2. (b) An eligible political subdivision may:

   1. (1) lease all or a part of land or a project or projects to a development authority, which may be at a nominal lease rental with a lease back to the eligible political subdivision, conditioned upon the development authority assuming bonds issued under IC 8-5-15 , IC 8-22-3 , IC 36-9-3 , or prior law and issuing its bonds to refund those bonds; and
   2. (2) sell all or a part of land or a project or projects to a development authority for a price sufficient to provide for the refunding of those bonds and lease back the land or project or projects from the development authority.

As added by P.L.232-2007, SEC.7.